Stocks making the biggest moves midday: ChargePoint, Seagate,

A ChargePoint electric vehicle charging station in the parking lot of Walnut Creek City Hall, Walnut Creek, California, April 18, 2023.

Smith Collection/gado | Archive photos | Getty Images

Check out the companies making headlines in midday trading.

WestRock – The stock rose 4.2% in midday trading after news that the company is close to merging with European firm Smurfit Kappa. This could create a global paper and packaging giant worth around $20 billion. as first reported by The Wall Street Journal.

GameStop – Shares of the video game retailer rose nearly 0.8% after the company posted quarterly revenue that beat Wall Street estimates and posted a narrower loss than expected. GameStop said the strong sales in the quarter were due to “significant software releases.”

Semiconductors – Semiconductor stocks fell overall. Shares of Lam research And modern micro devices decreased by about 2.5% and 2.8% respectively. Shares of Qualcomm fell by 7.2%. Nvidia fell by 1.7%. On the other hand, shares of Intel Bucked the trend, rising 3.2%.

Apple – Apple then slipped 2.9% a report by Bloomberg News said China plans to extend restrictions on iPhones to state-owned companies. Previously, The Wall Street Journal reported this that China planned to ban iPhone use in state-backed government agencies.

Align technology — Orthodontics shares fell about 7.8%. Align Technology announced Wednesday that it is acquiring 3D printing company Cubicure in a 79 million euro transaction, or about $84.6 million.

Rollins – Shares fell 6.2% after the pest control services company reported Wednesday announced the commencement of a planned secondary offering of its common shares valued at $1.35 billion.

Seagate technology – Shares of Seagate Technology fell about 10.9% after Barclays downgraded the stock to Equal Weight from Overweight. The Wall Street firm cited poor fundamentals and a recovery that could take longer than expected.

ChargePoint Holdings – Shares of ChargePoint Holdings plunged 10.9% after the electric vehicle charging infrastructure company missed revenue estimates for its fiscal second quarter. ChargePoint Posted Revenue came in at $150 million, below the $153 million forecast by analysts surveyed by LSEG, formerly Refinitiv. Separately, the company said it would cut about 10% of its global workforce.

Dutch Bros – Shares fell about 4.6% after the coffee chain’s breakthrough on Wednesday announced a $300 million public offering of Class A common stock.

Dave & Busters Entertainment – The stock fell 6.1% after reporting second-quarter results that fell short of expectations. The entertainment and dining company earned 60 cents per share on revenue of $542 million. Analysts polled by LSEG had expected earnings per share of 93 cents on revenue of $559 million. – Shares of fell 12.2% after the artificial intelligence software company forecast a larger-than-expected operating loss in its fiscal second quarter. forecast an operating loss in the range of $27 million to $40 million. Analysts polled by StreetAccount expected a loss of $20.5 million. Meanwhile, reported a first-quarter adjusted loss of 9 cents per share on revenue of $72.4 million. Analysts surveyed by LSEG expected a per-share loss of 17 cents on revenue of $71.6 million.

Roku – The streaming stock fell nearly 3% after it was downgraded to “hold” from “buy” by Loop Capital. Roku rose more than 12% on Wednesday after it announced plans to lay off 10% of its employees, among other cost-cutting measures. Roku also raised its revenue and EBITDA guidance for the third quarter.

Verint systems – Shares fell 19.4% in midday trading after the analyst firm reported weaker-than-expected second-quarter earnings and sales. Verint reported adjusted earnings of 48 cents per share on revenue of $210 million. Analysts polled by LSEG had expected earnings per share of 57 cents on revenue of $225 million.

— CNBC’s Alex Harring, Yun Li and Pia Singh contributed reporting. Stocks making the biggest moves midday: ChargePoint, Seagate,

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