Midday movers: GameStop falls; Merck, Robinhood and Moderna rise
Investing.com -- Main U.S. indexes were mixed on Wednesday, with Fed speakers and key inflation data in focus.
Here are some of the biggest U.S. stock movers today:
GameStop (NYSE: GME) slumped 14% after the troubled video game retailer reported disappointing sales for the important holiday quarter, adding it had cut an unspecified number of jobs to reduce costs.
Merck (NYSE: MRK) stock rose 4% after the pharmaceutical giant’s drug for the treatment of a rare lung disease received approval from the U.S. Food and Drug Administration.
Trump Media & Technology Group (NASDAQ: DJT) stock jumped 18%, as the parent company of former President Donald Trump's Truth Social continued to gain after its impressive debut on the Nasdaq.
Robinhood (NASDAQ: HOOD) stock climbed 3%, after the online trading app launched a new credit card in an effort to expand in the personal finance market.
Shockwave Medical (NASDAQ: SWAV) stock rose 2.4%, extending gains after a 10% jump on reports that Johnson & Johnson (NYSE: JNJ) was in talks to buy the medical device maker.
Novocure (NASDAQ: NVCR) stock soared 17% after the oncology company said its cancer therapy met the main goal of a late-stage trial testing it as a treatment for a type of lung cancer.
Moderna (NASDAQ: MRNA) stock rose 2% after the biotech firm said it has entered into an agreement with private equity firm Blackstone (NYSE: BX)'s life science investment platform for a funding of $750 million to develop its mRNA flu vaccines.
Lands’ End (NASDAQ: LE) stock rose 14% after the clothing retailer said its quarterly sales beat expectations, even as its fourth-quarter loss widened.
Marvell (NASDAQ: MRVL) climbed 4% after Citi analysts opened an upside 30-day catalyst watch on the stock.
Cintas Corp. (NASDAQ: CTAS) climbed 9.5% after the work uniforms provider reported earnings per share and revenue that beat consensus.
Additional reporting by Louis Juricic