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 item …
