Stocks jump after GameStop Bitcoin investment

GameStop shares surged 16% in premarket trading on Wednesday after the company’s board approved a plan to buy Bitcoin and stablecoin with a portion of its corporate cash. The move is similar to that of MicroStrategy, another company that has invested in cryptocurrency. Dollar Tree gained 5% after announcing plans to sell its Family Dollar business for $1 billion.

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  The discount retailer also reported fourth-quarter results that surpassed analyst estimates on both revenue and earnings. Shares of mobile gaming company Playtika jumped 13.9% following a double upgrade from Bank of America. The bank cited the company’s attractive features and presence in a mature but growing industry.

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Chewy, the online pet product retailer, rose more than 5% after posting better-than-expected revenue of $3.25 billion for the fourth quarter. The company also provided strong revenue guidance for the current quarter. Wingstop, the fast-casual restaurant chain, moved 1% higher after Wells Fargo initiated stock coverage with an overweight rating. The bank described Wingstop as “among the best-in-class consumer growth stories.”

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GameStop invests in Bitcoin.

Tenet Healthcare, a healthcare stock, ticked up 2.5% after Morgan Stanley initiated coverage with an overweight rating. Analyst Craig Hettenbach suggested that markets are not yet pricing in the company’s “significant business model and balance sheet transformation.” French energy and petroleum company TotalEnergies SE added more than 2% following a Citi upgrade to buy. Analyst Alastair Syme said investors could overlook the company’s potential margin and volume growth.