Stocks making the biggest moves midday: Nvidia, Rivian, Moderna, Novavax and more
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Check out the companies making headlines in midday trading. Nvidia — The chipmaker giant rallied 15% after posting a fiscal fourth-quarter beat . Nvidia earned $5.16 per share on an adjusted basis and $22.1 billion in revenue, higher than the $4.64 per share and $20.62 billion analysts polled by LSEG had expected. Nvidia also shared that current-quarter revenue would be higher than previously anticipated. Moderna — Shares popped 12% after the vaccine maker beat fourth-quarter revenue expectations , lifted by deferred revenue and cost cuts. Moderna’s top line came out to be $2.81 billion, while analysts polled by LSEG had expected $2.50 billion. Lucid Group — Shares slid 16% after the luxury electric vehicle maker posted a fourth-quarter revenue of $157 million, missing the $180 million expected by analysts polled by LSEG. Following the revenue miss, Cantor Fitzgerald downgraded the stock to underweight from neutral. Etsy — Etsy shares sank 7% after the online marketplace and e-commerce site posted mixed quarterly results. The company topped revenue expectations but posted earnings of 62 cents per share. That fell short of the 78 cents expected by analysts polled by LSEG. Etsy also said it expects gross merchandise sales to fall during the current quarter compared to a year ago, and the company cited a slow start to the year. Rivian — Shares tumbled 25% after the electric-vehicle manufacturer forecast production for 2024 that missed estimates and cut 10% of its workforce. Rivian also reported a wider-than-expected fourth-quarter loss of $1.36 per share, although revenue beat expectations, per LSEG. Synopsys — Shares soared more than 10% to hit a new 52-week high following the software company’s strong earnings report. Synopsys’ earnings came in at $3.56 per share, excluding items, higher than an LSEG estimate of $3.43 per share. The company also provided fiscal second-quarter revenue and earnings guidance that was above estimates. DoorDash — The food delivery stock popped 5% following a Morgan Stanley upgrade to overweight from equal weight. Morgan Stanley said the stock is at an attractive entry point and has a long growth runway. Novavax — Shares soared 25% after the biotech company said it would settle a dispute with nongovernmental global vaccine organization Gavi that centered around a canceled Covid vaccine purchase agreement. The settlement eased investor concerns around Novavax amid plummeting global demand for Covid products. Coty — Shares of the beauty company edged about 3% higher following an upgrade to outperform from TD Cowen. The investment firm cited rising momentum in the fragrance space as a catalyst for the upgrade. Quanta Services — The infrastructure stock popped nearly 10% following a fourth-quarter earnings beat. Quanta reported adjusted earnings of $2.04 per share on $5.78 billion of revenue, higher than the $1.98 per share on revenue of $5.18 billion that analysts had expected, according to FactSet. Iron Mountain — Shares edged 5% higher after the information management services real estate investment trust posted fourth-quarter adjusted funds from operations of $1.11 per share, higher than the $1.05 per share analysts polled by FactSet had expected. AFFO guidance for the full year was also higher than what the Street anticipated. Mosaic — Shares added nearly 6% after the fertilizer company was upgraded to sector outperform from perform at Scotiabank. This rating change came after Mosaic reported mixed fourth-quarter results, missing analysts’ earnings expectations but posting a revenue beat. Keurig Dr Pepper — The beverage stock fell about 4% after fourth quarter sales were softer than expected. Keurig Dr Pepper reported $3.87 billion in in fourth quarter revenue, below the $3.92 billion expected by analysts, according to FactSet. Fourth quarter sales were up just 1.7% year over year. — CNBC’s Michelle Fox, Alexander Harring, Yun Li, Jesse Pound, Pia Singh and Samantha Subin contributed reporting.
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