See the companies making headlines in midday trading. GameStop — GameStop shares fell 15% after the video game retailer reported lower fourth-quarter revenue compared to a year ago. The company also said it cut an unspecified number of positions to cut costs. Merck — Merck shares jumped 5% after the U.S. Food and Drug Administration on Tuesday approved its drug to treat a life-threatening lung disease. Carnival – Shares added 1%, erasing earlier losses, after the cruise operator reported first-quarter revenue of $5.41 billion, below the $5.43 billion expected by analysts polled by LSEG, formerly known as Refinitiv. However, Carnival reported an adjusted loss per share of 14 cents, better than analysts expected. The forecast for the full year was in line with estimates. Cintas — Shares jumped 8% after the company reported fiscal third-quarter results that beat expectations. Gross profit also increased 14.9% year over year. Cintas raised its annual profit and revenue forecast. Reddit – Social media shares fell 11%. Reddit shares rose 9% on Tuesday, building on post-IPO gains following its debut on the New York Stock Exchange last week. Marvell Technology — Marvell Technology shares rose 6% after Citi opened a positive outlook on semiconductor stocks, saying buying the chip stock ahead of its artificial intelligence presentations paid off. Robinhood – Shares of the brokerage company rose almost 4% after announcing a new product. The biggest new addition is the Robinhood Gold Card, a high-cash-back credit card that can be transferred to a customer’s brokerage account. Deutsche Bank – Shares jumped nearly 4% as Morgan Stanley upgraded its rating to outperform. Morgan Stanley said the German bank could add to the notable gains already recorded this year. General Electric — General Electric shares gained 3% after Wells Fargo reiterated an outperform rating on the stock and raised its price target to $200. Wells Fargo cited cost cuts as a potential boon for the stock. Concentrix shares rose about 5% after the customer engagement technology platform reported first-quarter revenue that beat forecasts and reaffirmed its guidance for the year ended in November. Concentrix reported revenue of $2.40 billion in the first quarter, beating the FactSet consensus estimate of $2.38 billion. Coinbase – Shares fell nearly 4% after a judge ruled that the SEC’s approval the fact that Coinbase operates as an exchange may be heard by a jury in court. The SEC sued Coinbase in June. The company later got the lawsuit dismissed. Moderna — Pharmaceutical stocks rose 3% after announcing that three vaccines had advanced to final-stage trials. Trump Media & Technology Group — Shares of former President Donald Trump’s social media company and parent company Truth Social rose more than 14%, adding to their strong gains since their debut under the ticker DJT on Tuesday. nCino — Cloud stocks rose 19% on better-than-expected fourth-quarter earnings. The company also reported revenue growth of 13% year over year. — CNBC’s Alex Harring, Hakyung Kim, Michelle Fox, Tanaya Machil, Jessie Pound, Brian Evans and Sarah Min contributed reporting.
