In midday trading, several notable companies reported earnings that influenced their stock performance. AppLovin's shares jumped 12% after exceeding Q1 expectations and announcing a $400 million sale of its mobile gaming unit. Carvana also saw positive results, rising more than 11%. Conversely, Arm Holdings fell 5% on weak guidance despite strong fiscal results. Cleveland-Cliffs plummeted 15.8% after a disappointing quarter. Other companies like Kenvue and MercadoLibre delivered solid earnings that boosted their stock values, while Fortinet and Peloton faced declines due to lackluster forecasts and greater-than-expected losses respectively.
AppLovin's impressive 12% surge followed its Q1 earnings that surpassed expectations, and the announcement of a $400 million sale of its mobile gaming business boosted investor confidence.
Despite Arm Holdings posting fiscal Q4 earnings that beat projections, a disappointing guidance for the upcoming quarter led to a 5% decline in U.S.-listed shares.
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