Take a look at the companies making headlines in midday trading. GameStop — Shares of GameStop fell nearly 15% after the video game retailer reported an annual decline in fourth-quarter revenue. The company also said it was cutting an unspecified number of positions in an effort to cut costs. Merck – Shares of Merck rose 4% on Tuesday after the U.S. Food and Drug Administration approved its drug to treat a life-threatening lung disease. Carnival cruise operator Carnival cruise operator reported first-quarter revenue of $5.41 billion, below the $5.43 billion expected by analysts surveyed by LSEG (formerly Refinitiv), and the company’s shares fell 2%. However, Carnival reported an adjusted loss of 14 cents per share, better than analysts’ expectations for a loss of 18 cents. Full-year guidance was in line with expectations. Cintas — Shares of Cintas rose 10% after the company reported better-than-expected quarterly results for its fiscal third quarter. Gross profit margin also increased by 14.9% compared with the same period last year. Cintas raised its full-year profit and revenue guidance. Reddit — Social media shares fell 13%. Shares of Reddit soared 9% on Tuesday, building on a rebound that followed last week’s initial public offering on the New York Stock Exchange. Marvell Technology — Marvell Technology rose 5% after Citigroup initiated a positive catalyst watch on semiconductor stocks and said buying chip stocks ahead of its artificial intelligence demonstration has paid off. Robinhood — Shares of the brokerage rose more than 2% after announcing new products. The biggest new addition is the Robinhood Gold Card, a credit card with high cash back rewards that can be deposited into clients’ brokerage accounts. Deutsche Bank — Shares of Deutsche Bank rose 3.4% after Morgan Stanley upgraded the bank to “overweight.” Morgan Stanley said the German bank could add to the significant gains it has already made this year. GE — Shares of General Electric rose 3% after Wells Fargo reiterated an overweight rating on the stock and raised its price target to $200. Wells Fargo sees cost cuts as a potential positive for its stock price. Concentrix — Shares of Concentrix rose 5% after the customer experience technology platform reported first-quarter revenue that topped expectations and reiterated guidance for the fiscal year ending in November. Concentrix reported first-quarter revenue of $2.4 billion, beating the FactSet consensus of $2.38 billion. Coinbase — Shares of Coinbase fell more than 2% after a judge ruled that the Securities and Exchange Commission’s claims that Coinbase operates as an exchange can be heard by a jury at trial. In June, the U.S. Securities and Exchange Commission (SEC) sued Coinbase over this. The company later moved to dismiss the lawsuit. Moderna — The pharmaceutical stock rose 1.5% after announcing it was moving three vaccines into final-stage trials. Trump Media & Technology Group — Shares of former President Donald Trump’s social media company and parent company of Truth Social soared more than 16% after debuting under the DJT ticker on Tuesday. grow rapidly. nCino — The cloud stock rose 17% on better-than-expected fourth-quarter earnings. The company also reported revenue growth of 13% from the same period a year earlier. —CNBC’s Alex Harring, Hakyung Kim, Michelle Fox, Tanaya Macheel, Jesse Pound, Brian Evans and Sarah Min contributed reporting.
