Stocks making the biggest moves midday: Victoria's Secret, Novo Nordisk, Intel, Shake Shack and more

Published Thu, Mar 7 202412:39 PM ESTUpdated Thu, Mar 7 20244:06 PM EST

Check out the companies making headlines in midday trading. Victoria's Secret – The intimate apparel retailer shed 29.7% and headed for its worst day on record after posting mixed fourth-quarter results and disappointing guidance. Victoria's Secret said it anticipates a larger-than-expected decline in revenues for the first quarter and full year. Novo Nordisk — Shares rallied nearly 8.9% to record high level after the company reported positive Phase I trial results for its new experimental weight loss drug amycretin. American Eagle Outfitters — Shares slipped 2% even after American Eagle Outfitters posted a beat on top and bottom lines. The company reported adjusted earnings of 61 cents per share on $1.68 billion in revenue for its fiscal fourth quarter. Analysts had estimated earnings of 50 cents per share on $1.67 billion in revenue, according to LSEG. Shake Shack — Shares gained more than 3% after TD Cowen upgraded shares to outperform from market perform. TD Cowen cited Shake Shack's promising "margin expansion strategy." Kroger — Shares jumped around 10% after the supermarket chain reported better-than-anticipated earnings in the fourth quarter. Kroger reported adjusted earnings of $1.34 per share. Analysts polled by LSEG expected a profit of $1.13 per share. Revenue of $37.06 billion came in marginally below expectations. Burlington Stores — The stock rose 7.5% after Burlington posted a fourth-quarter beat on adjusted earnings per share and revenue. The upper end of the company's full-year earnings guidance topped analysts' estimates, as did its projections for revenue growth. Avangrid — The sustainable energy company's shares surged 12.5% after Spanish utility company Iberdrola made a bid to acquire Avangrid at $34.25 per share and take it private. Iberdrola already owns about 81.6% of Avangrid's issued and outstanding shares. New York Community Bancorp — The regional bank stock added about 13% after announcing a capital infusion of more than $1 billion by Liberty Strategic Capital. Meanwhile, the bank's deposits fell 7% month-over-month to $77.2 billion as of March 5. Semiconductors — Chip stocks rose broadly as a group, with the VanEck Semiconductor ETF (SMH) climbing 3.4%. Nvidia shares gained more than 4.5% after Mizuho said the stock can go to $1,000. Micron Technology shares advanced more than 3% after Stifel upgraded the stock to buy from hold, and raised its price target. Intel shares jumped 3.7% following a report from Bloomberg , citing congressional aides, that the U.S. government is prepared to invest $3.5 billion in the company so it can manufacture advanced chips for the military. — CNBC's Samantha Subin contributed reporting