Stocks making the biggest moves midday: Nvidia, Marvell Technology, Costco, Eli Lilly and more

Published Fri, Mar 8 20241:22 PM ESTUpdated Fri, Mar 8 20244:06 PM EST

Check out the companies making headlines in midday trading. Nvidia — Shares fell 5.6% as Nvidia took a breather from its winning streak. Earlier in the session, the stock notched a new 52-week high. The chipmaker has gained 7% week to date and is headed for its ninth-straight winning week. Marvell Technology — The chip company sank more than 11% on light first-quarter earnings and revenue guidance. Marvell Technology said it anticipated adjusted earnings of 23 cents per share for the first quarter, below the 40 cents expected by analysts polled by LSEG, formerly known as Refinitiv. Carvana — The e-commerce car platform climbed more than 7% after RBC Capital Markets upgraded shares to sector perform from underperform, citing a reasonable valuation. Costco — The stock slipped 7% after the warehouse club reported revenue of $58.44 billion for its fiscal second quarter, below the $59.16 billion consensus estimate, per LSEG. However, earnings per share beat expectations. Eli Lilly — Shares of the pharmaceutical company fell 2.3% after the U.S. Food and Drug Administration postponed approving its Alzheimer's drug known as donanemab. An independent advisory committee is expected to further review the drug. Broadcom — The chip stock came under pressure, falling 7% as semiconductor names suffered a sell-off and gave back some of their 2024 gains. The decline came even after Goldman Sachs reiterated its buy rating on Broadcom, saying investors should buy the dip. Textron — Textron rose 2% after Bank of America upgraded the aircraft manufacturer to a buy rating, citing its strong revenue growth outlook. MongoDB — The database software company fell nearly 7% after issuing lighter-than-expected guidance for the first quarter and full year. Despite the disappointing guidance, MongoDB topped estimates in its latest quarter, posting adjusted earnings of 86 cents per share on revenue of $458 million. Gap — Gap rallied more than 8% on strong holiday-quarter results . The retailer posted earnings of 49 cents a share on $4.30 billion in revenue, topping the 23 cents per share and $4.22 billion in revenue expected by analysts polled by LSEG. The company also said its Old Navy brand returned to growth for the first time in over a year. New York Community Bancorp — Shares of the regional bank dipped 6.6% even after Moody's Investors Service announced it placed NYCB on "review for upgrade." The stock is still well above its lows of the week on Wednesday, which came before NYCB announced a $1 billion capital raise. Samsara — The internet of things stock jumped 14% after Samsara beat revenue expectations in its fourth quarter and rosy guidance on revenue. Samsara posted $276 million in revenue, compared to analysts' expectations for $258 million, per LSEG. DocuSign — The stock added 4.5% after the company, which provides electronic signature products, beat fourth-quarter earnings expectations and gave positive first-quarter guidance. DocuSign reported adjusted earnings of 76 cents per share on revenue of $712 million for the period. Analysts polled by LSEG had called for earnings of 64 cents per share on $699 million in revenue. Amylyx Pharmaceuticals — The pharmaceutical stock cratered more than 82% after announcing that its ALS drug failed to meet its goal in a late-stage trial. Amylyx Pharmaceuticals said it may pull the drug from the market . UBS — U.S.-listed shares of the Swiss bank rose more than 3% after Morgan Stanley upgraded the stock to overweight from equal weight. Morgan Stanley said a rise in investment banking activity could boost UBS shares. Li Auto — U.S.-listed shares of the Chinese auto company slipped less than 1% even after Deutsche Bank named the stock as a top pick . The Wall Street firm called Li Auto "the sweet spot of the automobile electrification mega-trend in China." — CNBC's Yun Li, Jesse Pound, Pia Singh, Sarah Min, Michelle Fox and Hakyung Kim contributed reporting.