Check out the companies making headlines in midday trading. GameStop – GameStop stock fell 15% after the video game retailer reported lower fourth-quarter revenue compared to last year. The company also said it was cutting an unspecified number of roles to cut costs. Merck — Merck stock jumped 5% after the U.S. Food and Drug Administration on Tuesday approved its drug to treat a life-threatening lung condition. Carnival — Shares added 1%, reversing earlier losses after the cruise operator reported first-quarter revenue of $5.41 billion, below the $5.43 billion expected from analysts polled by LSEG, formerly known as Refinitiv. However, Carnival reported an adjusted loss per share of 14 cents, better than the loss of 18 cents analysts had expected. Full-year guidance was in line with estimates. Cintas – Shares jumped 8% after the company reported better-than-expected quarterly results for the fiscal third quarter. Gross margins also increased by 14.9% year over year. Cintas raised its full-year earnings and revenue guidance. Reddit – The social media stock fell 11%. Shares of Reddit rose 9% on Tuesday, building on a post-IPO rally following its debut on the New York Stock Exchange last week. Marvell Technology – Marvell Technology rose 6% after Citi opened a positive stimulus watch on semiconductor stocks, saying buying chip stocks ahead of its AI offerings has paid off. Robinhood – Shares of the brokerage firm rose nearly 4% after announcing a new product. The biggest new addition is the Robinhood Gold Card, a credit card with high cash rewards that can be deposited into a customer's brokerage account. Deutsche Bank – Shares rose nearly 4% on Morgan Stanley's upgrade to overweight. Morgan Stanley said the German bank could add to the notable gains it has already seen this year. General Electric – General Electric added 3% after Wells Fargo reiterated its overweight rating on the stock and raised its price target to $200. Wells Fargo pointed to cost cuts as a potential boon for shares. Concentrix – Shares rose about 5% after the customer experience technology platform reported first-quarter revenue that beat estimates and reaffirmed its guidance for the year ending in November. Concentrix reported revenue of $2.40 billion in the first quarter, better than the FactSet estimate of $2.38 billion. Coinbase – Shares fell nearly 4% after a judge ruled that the SEC's assertion that Coinbase operates as an exchange can be heard by a jury in a trial. The SEC sued Coinbase over this in June. The company later moved to dismiss that lawsuit. Moderna – The pharmaceutical stock rose 3% after announcing that three vaccines had been moved 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 strong gains from their debut under the DJT ticker on Tuesday. nCino – Cloud stock rose 19% on better-than-expected Q4 earnings. The company also announced an increase in its revenues by 13% compared to the same period last year. – CNBC's Alex Haring, Ha Kyung Kim, Michelle Fox, Tanaya Machel, Jessie Pound, Brian Evans and Sarah Min contributed reporting.
