11:53 AM EDT, 05/17/2024 (MT Newswires) -- The S&P 500 and the Nasdaq Composite are on track for their fourth-straight winning weeks, while the Dow Jones Industrial Average is trading relatively flat Friday morning after briefly eclipsing the 40,000 mark for the first time in its history on Thursday.

In company news, GameStop ( GME ) shares fell sharply Friday after the company disclosed preliminary results that pointed to a sharp year-over-year decline in fiscal Q1 sales. Additionally, the company announced that it may sell up to 45 million class A shares. GameStop ( GME ) said sales are set to come in between $872 million and $892 million for the three months ended May 4, down from $1.24 billion the company recorded the year prior. Two analysts polled by Capital IQ estimated revenue of $1.05 billion for the quarter. The company anticipates its net loss to be in a range of $27 million to $37 million, compared with a loss of $50.5 million the year-ago quarter. GameStop ( GME ) shares were down 27%

Hess (HES) shareholder D.E. Shaw intends to abstain from voting on Chevron's ( CVX ) planned $53 billion takeover of the oil company, Bloomberg reported, citing an interview with managing director Jason Singer. D.E. Shaw is a top-15 shareholder in Hess, according to the report. Shares of Hess were up 0.4%, while those of Chevron ( CVX ) were up 0.5%.

BofA Securities gave Robinhood Markets ( HOOD ) a double upgrade on Friday to buy from underperform, stating that it now sees the current opportunity differently compared with 2021 when they initiated coverage due to increasing retail engagement, faster organic growth, positive operating leverage and an appealing valuation, analyst Craig Siegenthaler wrote in a research note. Shares of Robinhood were up 12%.

Tesla (TSLA) is looking to build a data center in China to power its cars' self-driving capabilities, Reuters reported Friday, citing unnamed people with knowledge of the matter. The electric-vehicle maker wants a China data center to develop AI algorithms for autonomous vehicles, according to the report. Tesla shares were up 1.7%.

Alphabet's (GOOG) Google DeepMind introduced its Frontier Safety Framework on Friday, a set of protocols to proactively identify future AI capabilities that could cause severe harm and mitigate them. Alphabet shares were up 0.7%.

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