Stocks making the biggest moves midday: Nvidia, Tesla, Coinbase and more
Check out the companies making headlines in midday trading.
Nvidia — Shares of the chipmaker and artificial intelligence beneficiary popped 3%, building on its recent gains on the heels of a blowout quarter. The moves pushed Nvidia's market value briefly above $1 trillion. Other chipmakers with AI ties also gained. Broadcom pared earlier gains to close 1.2% lower.
Tesla — Shares gained 4.1% following a Reuters report a private jet used by CEO Elon Musk arrived in China, his first visit in three years. Musk is expected to meet with senior Chinese officials and visit Tesla's Shanghai plant, Reuters said.
Ford — Shares of the legacy automaker gained 4.1% after Jefferies upgraded the F-150 pickup truck maker to a buy from a hold, citing improved confidence in Ford's plan and management after an investor event.
Coinbase — Shares of the crypto services business rose more than 7.5% following an upgrade by Atlantic Equities, which called the company the "best expression of crypto." The analyst kept his price target on the stock, still implying it could rally 23% from Friday's close.
Paramount Global — The CBS TV parent rose more than 6.4%, extending a gain of nearly 6% from Friday. Wolfe Research upgraded the media stock to peer perform from underperform Tuesday following news last week Paramount's majority shareholder National Amusements announced a $125 million preferred equity investment from BDT Capital Partners. Wolfe said the odds of Paramount selling off assets are rising while the stock is depressed and positioning is short.
ChargePoint — Shares rose nearly 14.1%. Bank of America upgraded the electric vehicle charging station stock to buy, calling it a best-in-class play in the EV landscape.
Devon Energy, Diamondback, Chevron, ExxonMobil — Energy stocks were under pressure Tuesday as prices for oil and natural gas slid. Shares of Devon Energy dropped 2.3%, while Diamondback Energy fell more than 1%. Oil giants Chevron and Exxon were each down nearly 1%.
C3.ai — Shares of C3.ai soared 33.4% Tuesday as AI-focused companies got a lift. Other companies connected to AI gained, with UiPath last up 6.1%. C3.ai reports results Wednesday.
Iovance Biotherapeutics — Shares of Iovance Biotherapeutics popped more than 17% after the U.S. Food and Drug Administration accepted its license application for an advanced skin cancer treatment.
— CNBC's Tanaya Macheel, Yun Li, Michelle Fox, Alexander Harring and Jesse Pound contributed reporting.