Nvidia, a chipmaker, experienced a nearly 5% decrease in its stock price as it took a breather from its recent winning streak. Despite hitting a new 52-week high earlier in the session, the company has gained 7% week to date and is on track for its ninth-straight winning week.
Marvell Technology saw a significant decline of more than 10% due to light first-quarter earnings and revenue guidance. The company’s projected adjusted earnings for the first quarter fell short of analysts’ expectations, leading to the stock taking a hit in midday trading.
On the other hand, Carvana, an e-commerce car platform, managed to climb over 5% after receiving an upgrade from RBC Capital Markets. The upgrade cited a reasonable valuation for the shares, boosting investor confidence and driving the stock price up.
Costco, a warehouse club, experienced a 7% drop in its stock price following its fiscal second-quarter revenue report. While the revenue fell below consensus estimates, the earnings per share managed to exceed expectations, providing a mixed performance for the company in midday trading.
Shares of pharmaceutical company Eli Lilly fell by 2% after the U.S. Food and Drug Administration decided to postpone the approval of its Alzheimer’s drug. The drug, known as donanemab, will undergo further review by an independent advisory committee, leading to uncertainty and a decline in the company’s stock price.
Broadcom, a chip stock, faced a nearly 7% decline as semiconductor names experienced a sell-off in midday trading. Despite receiving a buy rating from Goldman Sachs, the stock was unable to withstand the broader market pressure and gave back some of its gains from earlier in the year.
Textron, an aircraft manufacturer, saw a 2% increase in its stock price after receiving an upgrade to a buy rating from Bank of America. The upgrade was based on the company’s strong revenue growth outlook, providing a positive outlook for investors and driving the stock higher.
In contrast, database software company MongoDB faced a more than 6% decline after issuing guidance that was lower than expected for the first quarter and full year. Despite surpassing estimates in its latest quarter, the disappointing guidance led to a decrease in the company’s stock price in midday trading.
Gap, a retailer, rallied nearly 4% on the back of strong holiday-quarter results. The company exceeded earnings and revenue expectations, with its Old Navy brand returning to growth for the first time in over a year. This positive performance in the holiday quarter drove investor confidence and pushed the stock price higher.
Shares of regional bank New York Community Bancorp dipped 5% even after Moody’s Investors Service announced a potential upgrade for the company. Despite the positive news, the stock was still trading well above its lows earlier in the week, indicating investor uncertainty and a lack of confidence in the potential upgrade.
Internet of things stock Samsara saw a significant increase of 10% after beating revenue expectations in the fourth quarter and providing optimistic guidance for future revenue. The company’s strong performance in the latest quarter drove investor interest and pushed the stock price higher in midday trading.
DocuSign, a provider of electronic signature products, added 4.8% after exceeding fourth-quarter earnings expectations and providing positive guidance for the first quarter. The company reported adjusted earnings and revenue that surpassed analyst estimates, demonstrating strong performance and driving the stock price up.
Amylyx Pharmaceuticals experienced a sharp decline of more than 80% after announcing that its ALS drug failed to meet its goal in a late-stage trial. The company may consider pulling the drug from the market, leading to a significant drop in the company’s stock price in midday trading.
U.S.-listed shares of Swiss bank UBS rose over 3% following an upgrade from Morgan Stanley to overweight from equal weight. The rise in investment banking activity was cited as a potential driver for UBS shares, boosting investor confidence and pushing the stock price higher.
U.S.-listed shares of the Chinese auto company Li Auto slipped slightly, less than 1%, despite being named a top pick by Deutsche Bank. The stock’s performance remained stable in midday trading, indicating investor caution and uncertainty despite the positive designation from Deutsche Bank.