HomeNewsMarket highlights: Four stocks that made headlines on Friday

Market highlights: Four stocks that made headlines on Friday

  • Discovery Inc. upgraded to Buy with a price target of $45
  • GameStop is expanding its offerings to include NFTs
  • Papa John's announce partnership in china, and Absci Corporation signs research collaboration deal

BofA upgrades Discovery to Buy

Discovery Inc. (NASDAQ: DISCA) shares jumped 25% this year following an upgrade to "Buy" by BofA Securities with a price target of $45. BofA Securities analyst Jessica Reif Ehrlich said that the bullish call is based on the pending merger between Discovery and WarnerMedia, which she expects to create a dynamic international company. The anticipated $43 billion merger will close by mid-2022. In addition, according to data by FactSet, Brahman Capital Corp upped its stake to 5.26% in Discovery from 1.76%.

GameStop is foraying into the NFT space

GameStop Corp (NYSE: GME) shares opened around 20% higher on Friday following a Wall Street Journal report that the video game retailer is foraying into the non-fungible tokens (NFT) space. According to the report, GameStop will establish a marketplace for non-functional toys (NFTs) of videogame collectibles such as weaponry and character outfits.

To operate the new division, GameStop has employed around 20 professionals so far. In addition, the company will form collaborations in the crypto realm to create games and market items. The corporation, which is headquartered in Texas, has yet to issue an official statement.

Papa John’s to expand in China

On Friday, Papa John's International Inc (NASDAQ: PZZA) rose 4% as investors hailed plans for a big expansion in China, one of the world's fastest-growing pizza-delivery markets.

On Friday, Papa John's announced a partnership with FountainVest (a private equity firm) to open 1,350 new outlets in Southern China towards the end of the decade. It's the largest franchise agreement in the history of the American pizza firm. CEO Rob Lynch said that the company is underpenetrated in current markets, and the new deal seeks to rectify that.

Absci Corporation signs research collaboration deal with Merck

Absci Corporation (NASDAQ: ABSI) had its stock rise 50% after the company revealed that it had signed a research and collaboration deal with Merck, also known as MSD, outside of Canada and the United States. This deal was reached using the company's AI-powered Integrated Drug Creation Platform.

According to the deal, the company will employ its Bionic Protein amino acid technology to develop enzymes for Merck's biomanufacturing applications in exchange for upfront and additional milestone payments.

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