Midday movers: GameStop falls; Merck, Robinhood and Moderna rise

(Updated - March 27, 2024 11:43 AM EDT)

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 (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 (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 (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 (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