Ahead of the announcement, take a look at the companies making headlines: GameStop — Shares fell more than 20% after the video game retailer said it plans to sell 45 million shares of its common stock. It also released preliminary results that showed lower sales in the first quarter. Reddit – Shares of the social network rose 10.5% after announcing a partnership with OpenAI. Under the terms of the deal, Reddit will get certain AI capabilities powered by OpenAI, and ChatGPT will get access to the Reddit Data application programming interface to train its AI models. Take-Two Interactive Software – Shares of the video game company fell more than 2% after announcing the release date of a new Grand Theft Auto game. Take-Two says the game will release in fall 2025. Previous forecasts suggested the release would take place sometime in 2025. Snowflake — Shares fell 0.3% after Bloomberg Law, citing people familiar with the matter, reported that the cloud computing company is in talks to acquire startup Reka AI for more than $1 billion. Doximity — Shares of the online networking company rose nearly 18% after beating revenue and profit estimates in the fourth quarter. Adjusted earnings per share of 25 cents and revenue of $118 million beat forecasts of analysts surveyed by LSEG, who had expected 20 cents earnings per share and $116 million in revenue. Doximity also issued first-quarter revenue guidance. Globant SA – Globant shares fell more than 3% after Globant issued second-quarter earnings and revenue guidance that missed estimates, although first-quarter results were in line with expectations. The technology company expects adjusted earnings of $1.47 to $1.52 per share, below the $1.57 per share earnings expected by analysts polled by FactSet. Expected revenue of $585 million to $589 million was below the consensus estimate of $590.2 million. Cracker Barrel Old Country Store – Shares fell nearly 15% after the restaurant chain announced it was cutting its dividend to 25 cents from $1.25, an 80% cut, to support its strategic transformation plan. Applied Materials – Shares of the chipmaker gained 1.2% after reporting strong second-quarter profit growth and roughly flat revenue. The company reported earnings of $2.09 per share, excluding items, on revenue of $6.65 billion, while analysts polled by FactSet called for adjusted earnings of $1.99 on revenue of $6.54 billion. Several companies, including Goldman Sachs and Citigroup, raised their price targets following the report. DXC Technology — Shares fell more than 23% after DXC Technology issued first-quarter earnings and revenue guidance that fell short of expectations, even as fourth-quarter results beat estimates. The information technology company expects first-quarter earnings per share of 55 cents to 60 cents, below the FactSet consensus estimate of 76 cents per share. Forecast revenue of $3.1 billion to $3.150 billion fell short of the $3.3 billion expected. — CNBC’s Brian Evans, Michelle Fox, Hakyung Kim, Yoon Lee, Jesse Pound and Pia Singh contributed reporting.
