Check out the companies making headlines in midday trading. AppLovin — The mobile ad tech company jumped 12% after first-quarter results that beat analyst expectations. AppLovin also announced it would sell its mobile gaming business in a $400 million deal. Carvana — Shares jumped more than 11% after the online used car marketplace posted better-than-expected first-quarter results . Arm Holdings — U.S.-listed shares of the British chip designer fell 5% after the company provided disappointing guidance for the current quarter . That overshadowed fiscal fourth-quarter earnings and revenue that beat expectations. Kenvue — The consumer health stock gained more than 4% on the heels of the company’s better-than-expected results for the first quarter. Adjusted earnings came in at 24 cents per share, above the 23 cents that analysts polled by FactSet were expecting. The company’s revenue of $3.74 billion also beat the consensus estimate of $3.68 billion. MercadoLibre — U.S.-listed shares of the Uruguay-based e-commerce and payments firm advanced more than 7% following the company’s first-quarter results. MercadoLibre earned $9.74 per share on revenue of $5.94 billion. Analysts polled by FactSet expected a profit of $8.27 per share on revenue of $5.47 billion. Cleveland-Cliffs — Shares of the steelmaker plunged 15.8% after its first-quarter results missed analyst estimates. The company lost 92 cents per share, excluding items, while analysts polled by FactSet called for a loss of 82 cents per share. Revenue also fell short of expectations. Fortinet — The cybersecurity company pulled back nearly 8% on lackluster full-year guidance. The company sees adjusted earnings are expected to come in between $2.43 and $2.49 per share. The midpoint of that range coming in just below the LSEG consensus estimate of $2.47 per share. Peloton — The digital workout company dipped more than 4% after posting a steeper-than-anticipated loss for the fiscal third quarter. Peloton lost 12 cents per share, while analysts polled by LSEG expected a loss of 6 cents per share. Crocs — The footwear company soared 10% after it reported upbeat earnings and revenue for the first quarter. However, the company announced it was withdrawing its full-year guidance ” due to macroeconomic uncertainties stemming from global trade policies .” Drug stocks — Shares of key drugmakers tumbled after Politico, citing people familiar with the matter, reported that President Donald Trump was planning to pursue a Medicare price plan that would slash drug costs. Eli Lilly and Regeneron fell 3.6% and 2.6%, respectively, while AbbVie shed 1.6%. Amgen and Bristol Myers also moved more than 1% lower. Shopify — The commerce technology platform slid nearly 2% after the company’s adjusted operating income came in below analyst expectations. Warner Bros. Discovery — The media conglomerate’s stock popped nearly 5% after CNBC’s David Faber reported, citing sources, that the company was considering separating its linear networks from cable. — CNBC’s Alex Harring, Hakyung Kim and Lisa Kailai Han contributed reporting. Correction: Peloton reported fiscal third-quarter results. A previous version misstated the quarter.
