Stocks making the biggest moves midday: Nvidia, Monolithic Power Systems, Ralph Lauren and more
Check out the companies making headlines in midday trading.
Nvidia — Nvidia surged 25% during midday trading the day after it issued a blockbuster earnings report. The rally brought the chipmaker's market cap to just below the $1 trillion milestone, last around $942 million, according to FactSet.
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Monolithic Power Systems — Artificial intelligence beneficiaries such as Monolithic Power Systems got a boost from Nvidia's strong results. Monolithic Power Systems is an under-the-radar AI pick expected to provide power management solutions for Nvidia's H100 graphics processing units, according to Needham. Shares surged 15%. Other AI beneficiaries that also got a boost include Marvell Technology and Broadcom, which rose more than 3% each. Adobe shares jumped 6%.
Dish Network — Shares jumped 7% on news the company is in discussions with Amazon to sell wireless phone plan services on the e-commerce platform, according to a report from The Wall Street Journal.
Advanced Micro Devices — Semiconductor and semiconductor equipment makers took off after Nvidia's strong results. Advanced Micro Devices and Synopsys jumped 10%, each. Shares of Applied Materials advanced 5%.
Dollar Tree — Dollar Tree reported shrinking margins in its fiscal first quarter, sending its shares down 10% during midday trading. Competitor Dollar General also fell, down 2.6%.
Snowflake — The cloud computing stock tumbled nearly 17%. Late Wednesday, Snowflake reported second-quarter product revenue guidance below expectations, according to StreetAccount. It did, however, beat on the top and bottom lines in its first-quarter results.
American Eagle Outfitters — American Eagle Outfitters dropped 13% during midday trading. The apparel retailer lowered its outlook late Wednesday. The clothing retailer reported a mixed quarter, with revenue slightly beating estimates and earnings meeting expectations, per Refinitiv.
Ralph Lauren — The luxury apparel retailer saw its shares jump 6% after the company beat earnings estimates and reported a surprise rise in revenue for its fiscal fourth quarter, according to Refinitiv. Ralph Lauren also said its sales in China jumped 30% as demand for luxury items rebounded amid the reopening.
Best Buy — Shares of the electronics retailer gained 1% after the company issued its fiscal first-quarter results. While the company posted slightly better-than-expected earnings, according to Refinitiv, sales missed estimates. Best Buy also reiterated expectations for weaker spending on consumer electronics this year.
Carnival — The cruise line added 2% on the back of an upgrade to buy from neutral by Citi. The firm said Carnival is at a turning point in regard to its balance sheet, and the broader cruise industry is getting more attention from investors.
— CNBC's Alex Harring, Hakyung Kim, Yun Li and Tanaya Macheel contributed reporting.