Take a look at the companies making headlines before the close: GameStop — The video game retailer said it planned to sell 45 million shares of its common stock, sending its stock price down more than 20%. The company also reported preliminary results, showing sales fell in the first quarter. Reddit – Shares of the social media company rose 10.5% after announcing a partnership with OpenAI. Under the agreement, Reddit will receive certain artificial intelligence capabilities powered by OpenAI, and the Chat GPT maker will receive Reddit’s Data API to train its artificial intelligence models. Take-Two Interactive Software — Shares of the video game company fell more than 2% after giving an update on the release date for the new Grand Theft Auto game. Take-Two says the game will launch in fall 2025. Snowflake — Shares of Snowflake edged down 0.3% after Bloomberg Law reported that the cloud computing company is discussing acquiring startup Reka AI for more than $1 billion, citing people familiar with the matter. Doximity — The online internet company beat fourth-quarter revenue and profit estimates, sending its shares soaring nearly 18%. Adjusted earnings per share were 25 cents on revenue of $118 million, beating analysts’ expectations polled by LSEG of 20 cents and $116 million respectively. Doximity also reported first-quarter revenue guidance. Globant SA — Although first-quarter results were in line with expectations, Globant’s second-quarter profit and revenue guidance fell short of expectations, sending the stock down more than 3%. The IT company expected adjusted earnings in the range of $1.47 to $1.52 per share, below the $1.57 per share expected by analysts polled by FactSet. Revenue is expected to be $585 million to $589 million, below the consensus estimate of $590.2 million. Cracker Barrel Old Country Store – Shares fell nearly 15% after the restaurant chain announced it would cut its dividend by 80% from $1.25 to 25 cents to support its strategic transformation plan. Applied Materials — Shares of Applied Materials rose 1.2% after the chipmaker reported improved second-quarter profits and revenue that was broadly in line with expectations. The company reported earnings of $2.09 per share, excluding items, on revenue of $6.65 billion, while analysts polled by FactSet expected adjusted earnings of $1.99 on revenue of $6.54 billion. Several firms, including Goldman Sachs and Citigroup, raised their price targets following the report. DXC Technology — Shares of DXC Technology fell more than 23% after the company issued first-quarter profit and revenue guidance that fell short of expectations, despite beating fourth-quarter results. The information technology company forecast first-quarter earnings of 55 cents to 60 cents per share, below the FactSet consensus of 76 cents per share. Revenue guidance was $3.1 billion to $3.15 billion, below expectations of $3.3 billion. —CNBC’s Brian Evans, Michelle Fox, Hakyung Kim, Yun Li, Jesse Pound and Pia Singh contributed reporting
