Several companies were making headlines in midday trading, with GameStop shedding nearly 15% after reporting lower fourth-quarter revenue compared to the previous year. The video game retailer also announced job cuts as part of cost-trimming measures. Merck, on the other hand, saw a 4% jump in its stock price after the FDA approved its drug for a life-threatening lung condition. Carnival shares slipped 2% following first-quarter revenue slightly below analyst expectations, despite reporting a better-than-expected adjusted loss per share and maintaining in-line full-year guidance. Cintas was a standout performer, with shares jumping 10% after exceeding quarterly expectations and raising its earnings and revenue guidance for the full year.
Reddit shares saw a 13% slump in trading, following a 9% increase the previous day after the company’s post-IPO rally on the New York Stock Exchange. Marvell Technology gained 5% after receiving a positive outlook from Citi. Robinhood saw a more modest 2% rise in its stock price, fueled by a new product announcement of 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 rose 3.4% after an upgrade from Morgan Stanley, General Electric also saw a 3% increase following a price target lift and overweight rating from Wells Fargo. Concentrix stocks gained 5% after a strong first-quarter revenue report and reaffirmation of guidance for the fiscal year.
Coinbase shares fell more than 2% after a judge ruled that the SEC’s assertion that Coinbase operates as an exchange could be heard by a jury at trial. Moderna stocks rose 1.5% after announcing progress in transitioning three vaccines into final-stage trials. Trump Media & Technology Group saw a surge of over 16% in its stock price, continuing the momentum from its debut on the DJT ticker. nCino shares jumped 17% on better-than-expected fourth-quarter earnings and a revenue increase of 13% from the previous year. Overall, the market saw a mix of positive and negative movements from various companies in midday trading.
