Check out the companies making headlines in midday trading: GameStop — Shares tumbled 25% after the video game retailer said it plans to sell up to 45 million class A common shares in an at-the-market offering. The sale comes after GameStop shares surged earlier this week in a brief revival of the meme-stock trade. The company on Friday also reported preliminary results that showed a drop in first-quarter sales. GameStop is up only 16% this week. Reddit — The social media stock popped 12% after Reddit announced a partnership with OpenAI. Reddit will gain certain artificial intelligence features through the deal, while OpenAI will have access to Reddit’s Data application programming interface for use in training AI models. Take-Two Interactive — Shares of the video game publisher were up about 1% after its quarterly report showed stronger-than-expected bookings. Take-Two Interactive said it generated $1.35 billion in net bookings during its fiscal fourth quarter, above the $1.30 billion estimated by analysts surveyed by LSEG. The stock’s gains came despite news that the company does not expect the new Grand Theft Auto game to launch until the fall of 2025. Advanced Micro Devices — The semiconductor stock rose 2%. Reuters reported that Microsoft is planning to offer AMD’s AI chips to cloud customers as an alternative to Nvidia . Microsoft shares inched lower by 0.5%, while Nvidia slid 1%. Snowflake — The cloud computing company slipped 1%. Bloomberg Law reported, citing sources familiar, that Snowflake in talks to acquire startup Reka AI for more than $1 billion. Doximity — The online networking platform soared 18% on strong earnings and a share repurchase announcement. In addition to beating expectations on both lines in the fiscal fourth quarter, Doximity also said it would buy back up to $500 million in Class A shares. Globant SA — The information tech company dropped nearly 6% on weak guidance for the current quarter. Globant said to expect adjusted earnings between $1.47 and $1.52 per share and a range of $585 million to $589 million in revenue for the second quarter. Analysts polled by FactSet forecast earnings of $1.57 a share and $590.2 million. Cracker Barrel Old Country Store — Shares of the restaurant chain tumbled 12% on the back of its dividend cut to 25 cents per share from $1.30. The decrease was made to
CNBC
The full article is available here. This article was published at CNBC Finance.
Comments are closed for this article!