Midday movers: GameStop, Carvana, First Republic and more

By Liz Moyer

Investing.com -- Stocks were trading lower ahead of the Federal Reserve's decision on interest rates and its economic forecasts. Here are the midday movers for March 22.

• GameStop Corp (NYSE: GME) shares jumped 35% after the game retailer reported a surprise fourth-quarter profit as sales beat expectations. The company has been cutting costs.


• Carvana Co (NYSE: CVNA) shares rose 8% after the online used car seller revised its guidance for the first quarter to include a narrower-than-expected adjusted loss. The company sees lower expenses and higher gross profit per unit.


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  First Republic Bank (NYSE: FRC) shares fell 3.5% after reports the bank hired more advisors as big banks consider a capital infusion. PacWest Bancorp (NASDAQ: PACW) shares fell 10% after the bank said it wouldn't try to raise capital and disclosed deposit outflows.

  
  


• Virgin Orbit Holdings Inc (NASDAQ: VORB) shares jumped 56% after the commercial satellite launch company said it was incrementally resuming operations as it prepares for its next launch later this month.


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  Petco Health and Wellness Company Inc (NASDAQ: WOOF) shares fell 13% after the pet product retailer gave a disappointing outlook for 2023 after a mixed fourth-quarter report.

  
  

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