Stocks making the biggest moves midday: Nvidia, First Republic, Nike, GameStop and more
Check out the companies making headlines in midday trading.
Nvidia — Nvidia shares gained nearly 3% midday, building on their recent outperformance. Wall Street analysts lauded the company's artificial intelligence leadership following its developer conference Tuesday. The chipmaker unveiled a host of new products and partnerships that lifted confidence in its capabilities.
First Republic Bank — Shares of the regional bank were down 4.5%midday trading on Wednesday. The bank has been exploring different strategic options, including a possible sale, after massive deposit outflows in the wake of the collapse of Silicon Valley Bank.
Nike — Shares of the sportswear retailer fell 2% even after the company easily beat Wall Street's estimates for its holiday quarter earnings and revenue. Nike, which has been contending with a glut of inventory and weak China sales, said it is taking a "cautious approach" to planning, given worries about the consumer and the economy.
GameStop – The meme stock surged about 36% after the gaming retailer posted a quarterly profit for the first time in two years, and it reported a drop in inventory levels and costs from a year earlier. GameStop has not provided financial guidance since the early days of the pandemic. Its results can't be compared with Wall Street estimates because too few analysts cover the company.
PacWest — PacWest shares shed 10% after the bank said it would not seek a capital raise. The company also noted that it's benefiting from solid liquidity and stabilized deposit balances.
Charles Schwab — Charles Schwab shares fell 4% after Barclays lowered its price target on the financial stock to $61 from $79, citing near-term earnings power concerns as it grapples with the ripple effects of Silicon Valley Bank's collapse.
Petco Health and Wellness — Shares fell 13% after the company reported earnings. Adjusted earnings came in at 23 cents per share, one cent below the consensus estimate of analysts polled by FactSet. Revenue came in line with expectations at $1.58 billion.
Boeing — Boeing shares fell 2% amid news that the aircraft maker plans to take additional charges to its KC-46 tanker program as a result of a supplier quality issue with the center fuel tank.
Luminar Technologies — Shares sank 11% after being downgraded to sell from neutral by Goldman Sachs. The Wall Street firm believes the self-driving car software stock is too expensive and could fall 35% from Tuesday's close.
Krispy Kreme — Shares of Krispy Kreme added to earlier gains, climbing 7%. Shares of the doughnut maker rose after Truist upgraded the stock to buy from hold with an adjusted price target of $20 per share. The firm highlighted "meaningful volume growth" in the year ahead, potential FX benefits abroad and future in-store boosts from a deal with McDonald's.
Virgin Orbit — Shares of billionaire Richard Branson's rocket builder soared by nearly 53% on reports it is aiming to raise funds, amounting to an investment of $200 million, through a deal with Texas-based venture capital investor Matthew Brown. The parties aim to close the deal as soon as Thursday, CNBC reported.
Ollie's Bargain Outlet — Shares of the discount retailer popped 8% after fourth-quarter results beat analysts' expectations on the top and bottom lines. Ollie's Bargain Outlet posted EPS of 84 cents a share, excluding items, on $549.8 million in revenue, according to FactSet.
— CNBC's Jesse Pound, Yun Li, Michelle Fox, Pia Singh, Tanaya Macheel, Brian Evans and Alex Harring contributed reporting