Check out the companies making headlines in midday trading: GameStop – Shares fell 19.7% after the video game retailer said it plans to sell up to 45 million Class A common shares in an at-market offering. The sale comes after GameStop shares rose earlier this week in a brief rebound in meme stock trading. On Friday, the company also announced preliminary results that showed a decline in first-quarter sales. Reddit – The social media stock rose 10% after Reddit announced a partnership with OpenAI. Reddit will get some AI features through the deal, while OpenAI will have access to Reddit's data API for use in training AI models. Take-Two Interactive – Shares of the video game publisher rose 1.2% after its quarterly report showed stronger-than-expected bookings. Take-Two Interactive said it generated net bookings of $1.35 billion during its fiscal fourth quarter, more than the $1.30 billion estimated by analysts surveyed by LSEG. The stock's gains came despite news that the company doesn't expect to launch a new Grand Theft Auto game until the fall of 2025. Advanced Micro Devices – The semiconductor stock rose 1.1%. Reuters reported that Microsoft plans to offer AMD's AI chips to cloud customers as an alternative to Nvidia. Microsoft shares fell 0.2%, while Nvidia shares fell 2%. Snowflake – The cloud computing company fell 2%. Snowflake is in talks to acquire startup Reka AI for more than $1 billion, Bloomberg Law reported, citing sources familiar with the matter. Doximity – Online networking platform rose 18.2% on strong earnings and stock buyback announcement. In addition to beating expectations on both lines in its fiscal fourth quarter, Doximity also said it would repurchase up to $500 million of Class A shares. Globant SA – IT company fell 5.6% on weak guidance for the current quarter. Globant said it expects adjusted earnings of between $1.47 and $1.52 per share and revenue of $585 million to $589 million for the second quarter. Analysts surveyed by FactSet expected earnings of $1.57 per share and $590.2 million. Cracker Barrel Old Country Store – Shares of the restaurant chain fell 14.4% on the back of cutting its dividend to 25 cents per share from $1.30. The reduction came to support the company's strategic plan. DXC Technology – IT stock fell 16.9%. DXC reported weaker-than-expected earnings guidance for the current quarter. DXC asked investors for between 55 cents and 60 cents per share in adjusted earnings for the fiscal first quarter, lower than the consensus estimate of 76 cents per share by analysts surveyed by FactSet. Revenue guidance of $3.1 billion to $3.15 billion was also below the $3.3 billion Wall Street had expected. Tilray – The cannabis company fell 6.6%. Tilray announced that it has applied to sell up to $250 million of its common stock in an at-market program. Robinhood – Shares of the online brokerage and financial services provider rose 12.2% after Bank of America doubled upgrading the stock to buy from an underperform rating. The company cited increased retail investor activity among the reasons for this move. Coinbase – The cryptocurrency platform jumped 4.3% on the back of Bank of America's upgrade to neutral from underperforming. Coinbase is in the early stages of reaccelerating the market, the bank said. JD.com – The Chinese e-commerce stock advanced 3% following Macquarie's upgrade to Outperform from Neutral. Macquarie said shares were likely to bottom out after a year-long transition. DuPont de Nemours – The chemicals giant added 3% after Jefferies upgraded to buy from hold. The stock could rise about 30% amid “cyclical recovery trading,” Jefferies said. — CNBC's Yun Lee, Jesse Pound, Samantha Subin and Hakyung Kim contributed reporting.
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Stocks making the biggest moves at midday: GME, RDDT, AMD, HOOD
