Hey there, stock market enthusiasts! Today we have some exciting updates on the companies making headlines in midday trading. Let’s dive right in and see what’s been happening.
GameStop: GameStop saw a 15% drop in its stock price after reporting lower fourth-quarter revenue compared to last year. The company also announced the elimination of some roles to cut costs.
Merck: Merck’s stock soared 5% after the U.S. Food and Drug Administration approved its drug to treat a life-threatening lung condition.
Carnival: Despite reporting first-quarter revenue slightly below analyst expectations, Carnival saw its shares rise by 1%. The cruise operator also reported a better-than-expected adjusted loss per share and provided full-year guidance in line with estimates.
Cintas: Shares of Cintas jumped 8% after the company posted strong quarterly results and raised its full-year earnings and revenue guidance. Gross margins also showed a significant increase year over year.
Reddit: Reddit’s stock took a hit, dropping 11% after a recent surge following its IPO on the New York Stock Exchange.
Marvell Technology: Marvell Technology gained 6% after receiving a positive catalyst watch from Citi, attributing the increase to the semiconductor stock’s artificial intelligence presentations.
Robinhood: Robinhood’s shares rose nearly 4% after announcing a new product, the Robinhood Gold Card, which offers high cash back rewards to customers.
Deutsche Bank: Deutsche Bank’s stock popped nearly 4% following an upgrade to overweight from Morgan Stanley, projecting further gains for the German bank.
General Electric: Shares of General Electric rose 3% after Wells Fargo reiterated its overweight rating and increased its price target, citing potential benefits from cost cuts.
Concentrix: Concentrix saw a 5% increase in its stock price after reporting first-quarter revenue that exceeded estimates and reaffirming its guidance for the year.
Coinbase: Coinbase’s shares fell nearly 4% after a judge ruled on a lawsuit with the SEC over whether the company operates as an exchange.
Moderna: Moderna’s stock rose 3% after announcing the transition of three vaccines into final-stage trials.
Trump Media & Technology Group: The social media firm and Truth Social parent company, led by former President Donald Trump, saw its shares soar over 14% following its debut under the DJT ticker.
nCino: Lastly, nCino’s cloud stock surged 19% on better-than-expected fourth-quarter earnings, along with a 13% jump in revenue from the previous year.
That wraps up our midday trading update for today! Stay tuned for more market insights and analysis.
Until next time!
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