Check out the companies making headlines in midday trading: GameStop — Shares soar 19.7% after the video game retailer announced it plans to sell up to 45 million shares of its Class A common stock in an on-market offering It fell. The sale comes after GameStop shares soared earlier this week on a brief resurgence in meme stock trading. The company also released preliminary results on Friday showing a decline in first-quarter sales. Reddit — Social media stocks soared 10% after Reddit announced his partnership with OpenAI. Reddit will acquire certain artificial intelligence capabilities through the agreement, and OpenAI will have access to Reddit’s data application programming interface for use in training AI models. Take-Two Interactive — The video game publisher’s stock rose 1.2% after its quarterly report showed stronger-than-expected bookings. Take-Two Interactive announced that it generated $1.35 billion in net bookings in its fiscal fourth quarter. That beats his $1.3 billion estimate from analysts surveyed by LSEG. The stock rose despite news that the company expects a new Grand Theft Auto game to be released in the fall of 2025. Advanced Micro Devices — The semiconductor stock rose 1.1%. Reuters reported that Microsoft plans to offer AMD’s AI chips to cloud customers as an alternative to NVIDIA. Microsoft shares fell 0.2% and Nvidia fell 2%. Snowflake — the cloud computing company fell his 2%. Bloomberg Law reported, citing sources familiar with the matter, that Snowflake is in talks to acquire startup Reka AI for more than $1 billion. Doximity — Online networking platform soars 18.2% after strong earnings and share buyback announcement. In addition to exceeding expectations on both fronts in its fiscal fourth quarter, Doximity announced it will repurchase up to $500 million in Class A stock. Globant SA — This information technology company fell 5.6% following a weak outlook for the current quarter. Globant said it expects second-quarter adjusted earnings to be in the range of $1.47 to $1.52 per share, with revenue in the range of $585 million to $589 million. . Analysts polled by FactSet had expected earnings of $1.57 per share, or $590.2 million. Cracker Barrel Old Country Store — The restaurant chain’s stock price fell 14.4% after the company cut its dividend from $1.30 per share to 25 cents. This reduction was made to support the company’s strategic planning. DXC Technology — IT stock soared 16.9%. DXC announced lower-than-expected earnings guidance for the current quarter. DXC told investors it expects first-quarter fiscal year adjusted earnings of 55 cents to 60 cents per share, up from the consensus estimate of 76 cents per share among analysts surveyed by FactSet. It’s below. The company’s revenue outlook of $3.1 billion to $3.15 billion was also softer than the $3.3 billion that Wall Street had expected. Tilray — This cannabis company fell 6.6%. Tilray announced that it has applied to sell up to $250 million worth of common stock in an over-the-counter program. Robinhood — The online brokerage and financial services provider soared 12.2% after Bank of America doubled its stock to buy from an underperform rating. The company cited increased activity by individual investors as the reason for this move. Coinbase — The cryptocurrency platform surged 4.3% after Bank of America upgraded its rating from underperform to neutral. The bank said Coinbase is in the early stages of market reacceleration. JD.com — Chinese e-commerce stocks rose 3% following Macquarie’s upgrade, moving from neutral to outperform. Mr Macquarie said the stock price had likely bottomed out after a year-long transition phase. DuPont de Nemours — The chemical giant added his 3% after Jefferies upgraded it to buy from hold. Jefferies said stocks could rise about 30% in a “cyclical recovery market.” —CNBC’s Yun Lee, Jesse Pound, Samantha Soobin and Ha-Kyung Kim contributed reporting.
Stocks with the biggest price movements at midday: GME, RDDT, AMD, HOOD
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