Stocks making the biggest moves midday: Nvidia, First Republic, Nike, GameStop and more
Check out the companies making headlines in midday trading.
NvidiaWall Street analysts lauded the company’s artificial intelligence leadership following its developer conference Tuesday. The chipmaker unveiled a host of new products and partnerships that lifted confidence in its capabilities.
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Nikeeasily beat Wall Street’s estimates for its holiday quarter earnings and revenue. Nike, which has been contending with a glut of inventory and weak China sales, said it is taking a “cautious approach” to planning, given worries about the consumer and the economy.
GameStopposted a quarterly profit for the first time in two years, and it reported a drop in inventory levels and costs from a year earlier. GameStop has not provided financial guidance since the early days of the pandemic. Its results can’t be compared with Wall Street estimates because too few analysts cover the company.
PacWest — PacWest shares shed 17.1% after the bank said it would not seek a capital raise. The company also noted that it’s benefiting from solid liquidity and stabilized deposit balances.
Charles Schwabnear-term earnings power concerns as it grapples with the ripple effects of Silicon Valley Bank’s collapse.
Luminar Technologiesdowngraded to sell from neutral by Goldman Sachs. The Wall Street firm believes the self-driving car software stock is too expensive and could fall 35% from Tuesday’s close.
Krispy KremeTruist upgraded the stock to buy from hold with an adjusted price target of $20 per share. The firm highlighted “meaningful volume growth” in the year ahead, potential FX benefits abroad and future in-store boosts from a deal with McDonald’s.
— CNBC’s Jesse Pound, Yun Li, Michelle Fox, Pia Singh, Tanaya Macheel, Brian Evans and Alex Harring contributed reporting