Stocks making the biggest moves midday: Twitter, Macy's, Nvidia, Lululemon and more
Check out the companies making headlines in midday trading Thursday.
Macy's — Shares jumped 19.3% after the department store chain reported better-than-expected quarterly results and raised its profit guidance. Macy's got a boost from shoppers who are snapping up apparel and other goods regardless of rising prices.
Twitter — Twitter shares jumped 6.4% after Elon Musk increased his commitment in his takeover bid to $33.5 billion. Analysts have said the move indicates a new seriousness by the Tesla CEO and increased probability that he'll complete the deal, which has been mired in controversy since Musk proposed it in May.
Lululemon — Shares of the athleisure company jumped 10.3% after Morgan Stanley upgraded Lululemon to overweight and said its well-positioned to perform well, even as a recession looms.
Nvidia — The chipmaker's stock gained 5.2% after falling earlier in the session. It came as Nvidia issued weaker-than-expected guidance for the current quarter and said it plans to slow hiring.
Broadcom — Broadcom's stock gained 3.6% after the semiconductor company shared its plan to buy VMware in a $61 billion cash and stock deal. The acquisition would mark one of the largest technology deals in history.
Dollar Tree — The discount retailer soared 21.9% after posting quarterly earnings and revenue that beat analyst expectations. Dollar Tree reported earnings per share of $2.37 on revenues of $6.9 billion. Analysts anticipated earnings of $2.00 a share on $6.76 billion in revenue, according to Refinitiv.
Kraft Heinz — The food and beverage company fell 6.1% after UBS downgraded the stock of fears of rising inflation and competition from private labels.
Alibaba — Alibaba shares surged 14.8% following the release of better-than-expected results for the previous quarter. The Chinese e-commerce giant reported fiscal fourth-quarter earnings of CNY7.95 per share, excluding items, on revenues of CNY204.05 billion. Analysts had anticipated earnings of CNY7.31 a share on CNY199.25 billion in revenue, according to StreetAccount.
Dollar General – The discount retailer's shares rallied 13.7% on the back of stronger-than-forecast quarterly figures. Dollar General posted first-quarter earnings of $2.41 per share on revenue of $8.75 billion. Analysts had expected a profit of $2.31 per share on revenue of $8.7 billion, according to the Refinitiv consensus.
Williams-Sonoma — The home furnishing retailer bounced 13.1% following a beat on revenue and earnings for the previous quarter. Williams-Sonoma also reiterated its guidance for the year.
Nutanix — The cloud company tumbled 23% after issuing weak guidance. Nutanix also said it's facing supply chain issues that have hit hardware partners.
Medtronic - Shares of the medical device fell 5.8% after a weaker-than-expected report for the fiscal fourth quarter. Medtronic reported $1.52 in adjusted earnings per share on $8.09 billion of revenue. Analysts surveyed by Refinitiv were expecting $1.56 per share and $8.43 billion in revenue. Medtronic said supply chain issues weighed on results for the quarter.
— CNBC's Tanaya Macheel, Hannah Miao, Sarah Min and Jesse Pound contributed reporting