Several companies made headlines in midday trading, with GameStop shedding 15% after reporting lower fourth-quarter revenue from a year ago. The video game retailer also said it had cut an unspecified number of roles to reduce costs. Merck saw a 5% jump in its stock price after the U.S. Food and Drug Administration approved its drug to treat a life-threatening lung condition. Carnival’s shares added 1% after reporting first-quarter revenue of $5.41 billion, slightly below analyst expectations, but reporting a better-than-expected loss per share. Cintas shares surged 8% following better-than-expected quarterly results and increased full-year guidance. Reddit’s stock fell 11%, while Marvell Technology gained 6% after a positive catalyst watch was opened by Citi.
Shares of Robinhood rose nearly 4% after the announcement of a new product, the Robinhood Gold Card, which offers high cash back rewards that can be deposited into a customer’s brokerage account. Deutsche Bank also saw a nearly 4% increase in its stock price after a Morgan Stanley upgrade to overweight, citing potential gains for the German bank. General Electric added 3% after an overweight rating reaffirmed by Wells Fargo, with a lifted price target of $200 due to potential cost cuts benefitting shares. Concentrix gained about 5% after reporting first-quarter revenue that beat estimates and reaffirming its guidance for the year. Coinbase fell nearly 4% after a judge ruled that the U.S. Securities and Exchange Commission’s assertion that the company operates as an exchange could be heard by a jury at trial.
Moderna, a pharmaceutical stock, rose 3% after transitioning three vaccines into final-stage trials. Trump Media & Technology Group, the parent company of Truth Social, saw shares soar more than 14%, building on strong gains from its debut under the DJT ticker. nCino, a cloud stock, popped 19% on better-than-expected fourth-quarter earnings and a 13% jump in revenue from the year-earlier period. Overall, the market saw a mix of positive and negative movements in various sectors, with companies across industries experiencing both gains and losses in midday trading. The performance of these companies reflects the broader volatility and uncertainty that continues to characterize the current market environment, as investors navigate economic challenges and shifting consumer preferences.
