A look at the companies making headlines in midday trading: GameStop — Shares fell 25% after the video game retailer said it plans to sell up to 45 million shares of its Class A common stock in a public offering. The selling comes after GameStop shares surged earlier this week in a brief revival in trading in meme stocks. The company on Friday also reported preliminary results that showed sales fell in the first quarter. GameStop is up just 16% this week. Reddit – Social media shares rose 12% after Reddit announced a partnership with OpenAI. With the deal, Reddit will gain certain artificial intelligence capabilities and OpenAI will gain access to the Reddit Data application programming interface for use in training AI models. Take-Two Interactive — Shares of the video game publisher rose about 1% after its quarterly report showed stronger-than-expected orders. Take-Two Interactive reported net bookings of $1.35 billion in its fiscal fourth quarter, above the $1.30 billion estimate from analysts surveyed by LSEG. Shares rose despite news that the company was not expecting a new game Grand Theft Auto until fall 2025. Advanced Micro Devices – shares of semiconductor companies rose 2%. Reuters reported that Microsoft plans to offer AMD’s artificial intelligence chips to cloud customers as an alternative to Nvidia. Microsoft shares were down 0.5% and Nvidia shares were down 1%. Snowflake — Shares of the cloud computing company fell 1%. Bloomberg Law reported, citing sources familiar, that Snowflake is in talks to acquire startup Reka AI for more than $1 billion. Doximity – The online platform’s value rose 18% on strong earnings and the announcement of a share buyback. In addition to beating expectations on both fronts in the fiscal fourth quarter, Doximity also said it would repurchase up to $500 million of Class A shares. Globant SA – Shares of the data company fell nearly 6% on weak guidance for the current quarter. . Globant said it expects adjusted earnings of $1.47 to $1.52 per share and second-quarter revenue of $585 million to $589 million. Analysts polled by FactSet forecast earnings of $1.57 per share and $590.2 million Cracker Barrel Old Country Store – Shares of the restaurant chain fell 12% amid a dividend cut to 25 cents per share from $1.30. The reduction was made to support the company’s strategic plan. DXC Technology – Shares of IT companies fell by 16%. DXC issued weaker-than-expected earnings guidance for the current quarter. DXC advised investors to take adjusted earnings for the first quarter of the year in the range of 55 to 60 cents per share, below the consensus estimate of 76 cents per share among analysts surveyed by FactSet. The revenue forecast of $3.1 billion to $3.15 billion was also softer than the $3.3 billion expected by Wall Street. Tilray — Shares of the cannabis company fell 7%. Tilray announced that it has applied to sell up to $250 million of its common stock through a market sales program. Robinhood — Shares of the online brokerage and financial services provider jumped 11% after Bank of America twice upgraded the stock to buy the worst-rated stock. The company cited increased activity of retail investors as one of the reasons for this step. Coinbase — The cryptocurrency platform jumped 5.2% as Bank of America upgraded its rating to neutral from underperform. The bank said Coinbase is in the early stages of a market recovery. JD.com – Chinese e-commerce shares rose 2.2% following Macquarie’s upgrade and beat neutral. Macquarie said shares were likely to bottom after a year-long transition period. DuPont de Nemours — Shares of the chemical giant gained 2.3% after Jefferies upgraded shares to buy without a hold. Jefferies said the stock could have upside potential of around 30% on the back of a “cyclical recovery trade.” — CNBC’s Yoon Lee, Jesse Pound, Samantha Soobin and Hakyung Kim contributed reporting.
