Stocks making the biggest moves midday: Micron, Apple, Nvidia, Chewy, Sunnova and more

Published Thu, Mar 21 202412:48 PM EDTUpdated Thu, Mar 21 20244:11 PM EDT

Check out the companies making headlines in midday trading. Micron — The semiconductor manufacturer popped 14.1% after beating analyst expectations for its fiscal second-quarter earnings and revenue. Micron posted earnings of 42 cents per share on $5.82 billion of revenue. Analysts polled by LSEG expected a loss of 25 cents per share on $5.35 billion of revenue analysts had expected. The company also guided for higher third-quarter earnings and revenue than consensus had estimated. Apple — The technology stock dropped 4.1% on news that the Department of Justice was suing . Regulators said that the iPhone ecosystem is a monopoly and anti-competitive practices appear in multiple areas of the business. Astera Labs — The data center connectivity chip seller popped 3.4%. That adds to its 72% rally seen on Wednesday, which was its first day as a publicly traded company on the Nasdaq. Li Auto — U.S.-listed shares of the Chinese electric-vehicle maker slid 7.5% on weak guidance for first-quarter deliveries. Li told investors to expect 77,000 vehicles at the midpoint, down from a prior estimate of 101,500. Chewy — Shares of the pet goods retailer fell 10.3% on the heels of disappointing guidance for the first quarter. Chewy said it expected between $2.84 billion and $2.86 billion of revenue for the quarter. Analysts surveyed by LSEG were expecting $2.89 billion. Five Below – Shares of the discount retailer were under pressure, tumbling 15.4% a day after the company reported weaker-than-expected earnings and revenue for the fourth quarter. Five Below also issued soft current quarter and full year outlook for the top and bottom line. Guess — The clothing designer surged 20.7% after its latest earnings topped forecasts. Guess posted adjusted earnings of $2.01 per share on $891 million in revenue, while analysts polled by LSEG anticipated $1.56 per share and $856 million in revenue. Darden Restaurants — Shares slid 6.5% after the Olive Garden and LongHorn Steakhouse parent missed revenue expectations . Daren posted $2.97 billion in revenue, under the $3.02 billion StreetAccount forecast. Earnings per share came in line with expectations at $2.62. Paramount Global — The media and entertainment stock slid 5.5% after CNBC's David Faber reported the company is not interested in selling its studio apart from other assets as it continues sale discussions. The update throws cold water on a report from the Wall Street Journal on Wednesday that Apollo Global Management had offered $11 billion for Paramount's film and TV studio. That report sent the stock up 11% on Wednesday, before it gave back some gains on Thursday. Accenture — The consulting firm dropped 9.3% after revenue for the second fiscal quarter came in below analyst expectations. Accenture reported $15.8 billion, under the estimate of $15.85 billion from analysts polled by StreetAccount. Revenue guidance for the current quarter was also lower than analysts forecasted. FactSet — The research platform slipped 7.6% after revenue for the second fiscal quarter came in lower than expected. FactSet recorded $545.9 million, less than the $546.8 million consensus estimate of analysts polled by StreetAccount. Diluted earnings per share topped expectations, on the other hand, coming in at $4.22 against the Wall Street forecast of $3.90. Illumina — The life science stock popped 3.2% after a European Union court advisor said regulators exceeded their power in blocking Illumina's bid for health care company Grail. Broadcom — The chipmaker rallied 5.6% on the back of a TD Cowen upgrade to outperform. TD Cowen said the stock can see further upside tied to its artificial intelligence business. Revolve Group — The fashion retailer shed 0.3% following an upgrade to outperform from market perform by TD Cowen. The firm said Revolve should move back to growth after a tough year that required markdowns. Nvidia – The chipmaker saw a 1.2% increase after TD Cowen reiterated its outperform rating on the stock and increased its price target, citing the company's "compute leadership across the stack" following the unveiling of its Blackwell platform. Sunnova — The residential solar stock jumped 19.3% after Goldman Sachs said it was standing behind its buy rating . After diving this year, Goldman thinks the stock could now rally nearly 200%. Nextracker — Shares gained 1.2% after Baird initiated coverage of the solar tracker technology company with an outperform rating. The Wall Street firm said Nextracker is a compelling investment, with a "simplified business model, healthy balance sheet, and differentiated technology." — CNBC's Lisa Kailai Han, Tanaya Macheel, Sarah Min, Jesse Pound and Sara Salinas contributed reporting Correction: WSJ reported Wednesday that Apollo Global Management had offered $11 billion for Paramount's film and TV studio. A previous version misstated the day of the week.