See the companies making headlines in midday trading. CarMax — Shares of the used-car retailer fell 13% after reporting fourth-quarter earnings of 32 cents per share on revenue of $5.63 billion. Analysts had expected earnings per share of 49 cents, according to LSEG, formerly known as Refinitiv. on revenue of $5.80 billion. Nike – The sportswear maker added 3.2% after Bank of America upgraded Nike shares to neutral. The bank said investors should buy the dip as valuations look compelling. Paramount — Shares rose 2% after CNBC’s David Faber reported that negotiations for a deal with Skydance Media have entered the “fast lane” and the parties are now negotiating the trade ratio Paramount will pay to acquire Skydance. David Ellison, who will lead the combined company as CEO, is also planning a “radical” restructuring and “massive” cost cuts, Faber added. Fastenal shares fell 4% after the industrial company reported first-quarter earnings of 52 cents per share on revenue of $1.9 billion, slightly missing analysts’ estimates of 53 cents per share on earnings of $1. 91 billion, according to FactSet. The company also reported operating income of $390 million versus expectations of $404 million. Shares of Alpine Immune Sciences rose about 37% after Vertex Pharmaceuticals agreed to buy the biotech firm for $4.9 billion in cash. The deal values Alpine shares at $65, up about 67% from Tuesday’s closing price, ahead of reports that Alpine was considering its options. Vertex shares rose nearly 1%. Rocket Lab — The company’s shares rose 3.3% after the aerospace company said it was selected for a $32 million contract with the U.S. Space Force’s Space Systems Command to work on the tactically responsive Victus Haze space mission. Constellation Brands — Shares of the beer and spirits maker gained less than 1% after fourth-quarter sales beat expectations thanks to strong beer sales. Constellation Brands posted revenue of $2.14 billion, versus $2.10 billion expected by analysts polled by LSEG. Atlassian – Shares rose 3.2% after Barclays upgraded the software maker to overweight from equal weight and raised its price target. The bank believes that increased customer migration to the cloud, as well as an increase in the number of software developer positions, should support Atlassian’s long-term growth. — CNBC’s Lisa Kailai Han, Sarah Min, Yun Lee, Samantha Subin, Michelle Fox and Alex Harring contributed reporting.
