Nvidia surged in midday trading, boosting 16% after exceeding analyst expectations in the fiscal fourth quarter. The chipmaker reported earnings of $5.16 per share on an adjusted basis, along with revenue of $22.1 billion, higher than anticipated. Additionally, Nvidia forecasted that current-quarter revenue would surpass previous estimates.
Shares of Moderna rose 14% after the vaccine maker exceeded fourth-quarter revenue expectations. This increase was driven by deferred revenue and cost-cutting measures. Moderna reported top-line revenue of $2.81 billion, surpassing the $2.50 billion expected by analysts.
Conversely, Lucid Group saw a decline of 19% as the luxury electric vehicle maker fell short of fourth-quarter revenue expectations. Lucid posted revenue of $157 million, missing the anticipated $180 million. Following the revenue miss, the stock was downgraded by Cantor Fitzgerald.
Etsy experienced an 8% drop in its shares after posting mixed quarterly results. While the company exceeded revenue expectations, earnings of 62 cents per share fell short of the 78 cents expected by analysts. Additionally, Etsy projected a decrease in gross merchandise sales for the current quarter, attributing it to a slow start to the year.
Rivian’s shares plummeted by 26% as the electric vehicle manufacturer forecasted production for 2024 that missed estimates. The company also cut 10% of its workforce and reported a wider-than-expected fourth-quarter loss of $1.36 per share, despite revenue beating expectations.
On the other hand, Synopsys saw a 7% surge in its shares after the software company’s strong earnings report. With earnings of $3.56 per share, Synopsys outperformed analyst estimates. Additionally, the company provided fiscal second-quarter revenue and earnings guidance that exceeded expectations.
DoorDash experienced a 6% increase in its stock following an upgrade by Morgan Stanley to overweight from equal weight. The investment firm highlighted the stock’s attractive entry point and long growth runway as reasons for the upgrade.
Novavax’s shares soared by 23% after the biotech company announced a resolution to a dispute with the nongovernmental global vaccine organization Gavi. This settlement alleviated investor concerns surrounding Novavax amidst decreasing global demand for Covid products.
Coty saw a modest 2% increase in its shares following an upgrade to outperform from TD Cowen. The investment firm cited rising momentum in the fragrance space as a catalyst for the upgrade.
Quanta Services experienced a nearly 10% increase in its stock after beating fourth-quarter earnings expectations. The company reported adjusted earnings of $2.04 per share on $5.78 billion of revenue, surpassing analyst estimates.
Shares of Iron Mountain edged 6% higher after the real estate investment trust posted fourth-quarter adjusted funds from operations exceeding analyst expectations. The company also provided higher AFFO guidance for the full year.
Mosaic
Mosaic’s shares rose by nearly 6% after being upgraded to sector outperform from perform at Scotiabank. This rating change followed mixed fourth-quarter results, with the company missing earnings expectations but beating revenue forecasts.
Conversely, Keurig Dr. Pepper’s stock fell around 4% after reporting softer-than-expected fourth-quarter sales. The company’s $3.87 billion in fourth-quarter revenue was below analyst expectations, with sales increasing just 1.7% year over year.
Overall, the midday trading market saw significant movement, with some companies exceeding expectations and witnessing stock surges, while others fell short and experienced declines. As investors continue to track these developments, it will be crucial to monitor how these companies navigate challenges and capitalize on opportunities in the evolving market landscape.