A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) March 29, 2022.
Brendan McDermid | Reuters
Check out the companies making headlines in midday trading.
GameStop — Shares of the video game retailer dropped 6% on huge trading volume. More than 8 million shares traded through 10:50 a.m. ET, already doubling its 30-day average full-day volume of 4.6 million. There were some large block trades of GameStop in early trading on the NYSE.
Nielsen Holdings – Shares spiked about 20% following news that a group of private equity investors led by Brookfield Business Partners will acquire the ratings company for $16 billion. The company had previously rejected a $9 billion offer from the same group.
NortonLifeLock — Shares for the cybersecurity company dropped 4.5% in midday trading. On Tuesday, Morgan Stanley downgraded NortonLifeLock’s stock to equal-weight, saying the firm sees “limited catalysts” for the cybersecurity company. A regulatory probe in the United Kingdom into NortonLifeLock’s $8.6 billion deal with Avast and higher inflation costs is weighing on the stock.
FedEx – FedEx shares gained 4.2% on news that CEO Fred Smith will step down on June 1. Smith, who founded the package and delivery company more than 50 years ago, will serve as executive chairman. President and Chief Operating Officer Raj Subramaniam will replace him as CEO.
Uber — Shares rose 6% as the ride-hailing company is close to a deal to include San Francisco taxis to its app, The New York Times reported. The report comes after Uber last week announced an agreement to offer New York City taxi rides on its platform.
Dave & Buster’s — Shares of the arcade company soared 10% despite missing on the top and bottom lines of its quarterly results. Dave & Buster’s said that business “strengthened” in the first eight weeks of the first quarter with same-store sales up 5.4% over the same period in 2019.
Reynolds Consumer Products — Shares of the maker of consumer products fell nearly 3% in midday trading after Goldman Sachs double downgraded the stock to sell from buy. The Wall Street firm said consensus estimates are too high for Reynolds.
Stellantis — Shares of the automaker rose 7% in midday trading despite news that it is laying off an undisclosed number of workers at its Illinois Jeep plant in an effort to “operate the plant in a more sustainable manner.”
Jefferies — Shares of Jefferies popped more than 7% in midday trading after reporting better than expected quarterly profit and revenue. Jefferies earned $1.23 per share, well above the 89 cent consensus estimate, according to Refinitiv.
UnitedHealth Group — Health care giant UnitedHealth Group announced a deal to buy LHC Group for $170 per share. LHC Group rose 1% in midday trading while UnitedHealth Group was about flat.
— with reporting from CNBC’s Samantha Subin, Sarah Min, Hannah Miao, Tanaya Macheel and Yun Li.
