Stocks making the biggest moves midday: GameStop, Reddit, Advanced Micro Devices, Robinhood and more
Check out the companies making headlines in midday trading: GameStop — Shares tumbled 19.7% after the video game retailer said it plans to sell up to 45 million class A common shares in an at-the-market offering. The sale comes after GameStop shares surged earlier this week in a brief revival of the meme-stock trade. The company on Friday also reported preliminary results that showed a drop in first-quarter sales. Reddit — The social media stock popped 10% after Reddit announced a partnership with OpenAI. Reddit will gain certain artificial intelligence features through the deal, while OpenAI will have access to Reddit’s Data application programming interface for use in training AI models. Take-Two Interactive — Shares of the video game publisher were up 1.2% after its quarterly report showed stronger-than-expected bookings. Take-Two Interactive said it generated $1.35 billion in net bookings during its fiscal fourth quarter, above the $1.30 billion estimated by analysts surveyed by LSEG. The stock’s gains came despite news that the company does not expect the new Grand Theft Auto game to launch until the fall of 2025. Advanced Micro Devices — The semiconductor stock rose 1.1%. Reuters reported that Microsoft is planning to offer AMD’s AI chips to cloud customers as an alternative to Nvidia . Microsoft shares inched lower by 0.2%, while Nvidia slid 2%. Snowflake — The cloud computing company slipped 2%. Bloomberg Law reported, citing sources familiar, that Snowflake in talks to acquire startup Reka AI for more than $1 billion. Doximity — The online networking platform soared 18.2% on strong earnings and a share repurchase announcement. In addition to beating expectations on both lines in the fiscal fourth quarter, Doximity also said it would buy back up to $500 million in Class A shares. Globant SA — The information tech company dropped 5.6% on weak guidance for the current quarter. Globant said to expect adjusted earnings between $1.47 and $1.52 per share and a range of $585 million to $589 million in revenue for the second quarter. Analysts polled by FactSet forecast earnings of $1.57 a share and $590.2 million. Cracker Barrel Old Country Store — Shares of the restaurant chain tumbled 14.4% on the back of its dividend cut to 25 cents per share from $1.30. The decrease was made to support the company’s strategic plan . DXC Technology — The IT stock dove 16.9%. DXC posted weaker-than-expected earnings guidance for the current quarter. DXC told investors to pencil in between 55 cents and 60 cents per share in adjusted earnings for the fiscal first quarter, lower than the consensus estimate of 76 cents per share by analysts polled by FactSet. Revenue guidance of $3.1 billion to $3.15 billion was also softer than the $3.3 billion expected by Wall Street. Tilray — The cannabis company declined 6.6%. Tilray announced that it has filed to sell up to $250 million worth of its common stock in an at-the-market program . Robinhood — The online brokerage firm and financial services provider popped 12.2% after Bank of America double upgraded shares to buy from an underperform rating. The firm cited heightened retail investor activity among the reasons for the move. Coinbase — The crypto platform jumped 4.3% on the back of a Bank of America upgrade to neutral from underperform. The bank said Coinbase is in the early stages of a market reacceleration. JD.com — The Chinese e-commerce stock advanced 3% on the heels of a Macquarie upgrade to outperform from neutral. Macquarie said shares have likely hit the bottom after a year-long transition phase. DuPont de Nemours — The chemicals giant added 3% following a Jefferies upgrade to buy from hold. Jefferies said the stock could be in for upside of around 30% amid a “cyclical recovery trade.” — CNBC’s Yun Li, Jesse Pound, Samantha Subin and Hakyung Kim contributed reporting. This post has been syndicated from a third-party source. View the original article here.
