Take a look at the companies making headlines in midday trading. CarMax — The used car seller reported fourth-quarter earnings of 32 cents per share on revenue of $5.63 billion, sending its shares down 13%. Analysts had expected earnings of 49 cents per share on revenue of $5.8 billion, according to LSEG (formerly Refinitiv). Nike — Shares of Nike rose 3.2% after Bank of America upgraded its rating on Nike to “buy” from “neutral.” The bank said investors should buy the dip as estimates and valuations look attractive. Paramount — Paramount shares rose 2% after CNBC’s David Faber reported that deal talks with Skydance Media are on the “fast track” and that the two parties are currently negotiating the exchange ratio Paramount will pay to acquire Skydance. Faber added that David Ellison, who will serve as chief executive of the combined company, also plans a “radical” restructuring and “massive” cost cuts. Fastenal — Shares fell 4% after the industrial company reported first-quarter earnings of 52 cents a share on revenue of $1.9 billion, slightly missing analysts’ expectations of 53 cents a share on revenue of $1.91 billion, according to FactSet . The company also reported operating income of $390 million, compared with expectations of $404 million. Alpine Immune Sciences — Shares of Alpine Immune Sciences surged about 37% after Vertex Pharmaceuticals agreed to acquire the biotech company for $4.9 billion in cash. The deal values Alpine shares at $65, about 67% above Tuesday’s closing price, a day after reports emerged that Alpine was considering its options. Vertex shares rose nearly 1%. Rocket Lab – Shares of Rocket Lab rose 3.3% after the aerospace company said it was selected for a $32 million contract with the U.S. Space Force’s Space Systems Command for the Victus Haze tactical response space mission. Constellation Brands — Shares of Constellation Brands rose less than 1% after the beer and spirits maker beat fourth-quarter sales estimates on strong beer sales. Constellation Brands reported revenue of $2.14 billion, while analysts polled by LSEG expected $2.10 billion. Atlassian — Shares of Atlassian rose 3.2% after Barclays upgraded the software maker to overweight from equal weight and raised its price target. The bank believes that increasing customer cloud migration and higher-level software developer positions should support Atlassian’s long-term growth. —CNBC’s Lisa Kailai Han, Sarah Min, Yun Li, Samantha Subin, Michelle Fox and Alex Harring contributed reporting.
