Stocks making the biggest moves midday: GameStop, Merck, Carnival, Cintas and more
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Check out the companies making headlines in midday trading. GameStop — GameStop shed nearly 15% after the video game retailer reported lower fourth-quarter revenue from a year ago. The company also said it axed an unspecified number of roles to trim costs. Merck — Merck jumped 4% after the U.S. Food and Drug Administration on Tuesday approved its drug to treat a life-threatening lung condition. Carnival — Shares slipped 2% after the cruise operator reported first-quarter revenue of $5.41 billion, below the $5.43 billion expected from analysts polled by LSEG, formerly known as Refinitiv. However, Carnival reported an adjusted loss per share of 14 cents, better than the 18 cent loss analysts had expected. Full-year guidance was in line with estimates. Cintas — Shares jumped 10% after the company posted better-than-expected quarterly results for the fiscal third quarter. Gross margins also increased 14.9% year over year. Cintas raised its full-year earnings and revenue guidance. Reddit — The social media stock slumped 13%. Reddit shares surged 9% on Tuesday, building on its post-IPO rally after debuting on the New York Stock Exchange last week. Marvell Technology — Marvell Technology gained 5% after Citi opened a positive catalyst watch on the semiconductor stock, saying buying chip stocks ahead of their artificial intelligence presentations has paid off. Robinhood — Shares of the brokerage firm rose more than 2% after a new product announcement. The biggest new addition is the Robinhood Gold Card, a credit card with high cash back rewards that can be deposited into a customer’s brokerage account. Deutsche Bank — Shares popped 3.4% on the back of a Morgan Stanley upgrade to overweight. Morgan Stanley said the German bank can add to the notable gains already seen this year. General Electric — General Electric added 3% after Wells Fargo reiterated its overweight rating on the stock and lifted its price target to $200. Wells Fargo cited cost cuts as a potential boon to shares. Concentrix — Shares gained 5% after the customer experience technology platform reported first-quarter revenue that topped estimates, and reaffirmed its guidance for the year ending November. Concentrix posted revenue of $2.40 billion in the first quarter, better than the FactSet consensus estimate of $2.38 billion. Coinbase — Shares fell more than 2% after a judge ruled the U.S. Securities and Exchange Commission’s assertion that Coinbase operates as an exchange could be heard by a jury at trial. The SEC sued Coinbase over this in June. The company later moved to have that lawsuit dismissed. Moderna — The pharmaceutical stock rose 1.5% after announcing it transitioned three vaccines into final-stage trials. Trump Media & Technology Group — Shares of former President Donald Trump’s social media firm and Truth Social parent company soared more than 16%, adding to their strong gains from their debut under the DJT ticker on Tuesday. nCino — The cloud stock popped 17% on better-than-expected fourth-quarter earnings. The company also reported a 13% jump in revenue from the year-earlier period. — CNBC’s Alex Harring, Hakyung Kim, Michelle Fox, Tanaya Macheel, Jesse Pound, Brian Evans and Sarah Min contributed reporting.
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