A Ford F-150 Lightning Platinum electric truck during the 2022 New York International Auto Show, New York.
Michael Nagel | Bloomberg | Getty Images
Check out the companies making the biggest moves on Friday lunchtime.
ford – Shares rose about 7% after Ford and Tesla announced a partnership late Thursday that will give Ford owners access to more than 12,000 Tesla Superchargers in the U.S. and Canada. TeslaThe stock gained 5%.
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Marvell technology – Semiconductor stock rose 28% after the company’s earnings beat analysts’ expectations. Marvell Technology also expects revenue growth to accelerate in the second half of the fiscal year, with CEO Matt Murphy citing artificial intelligence as a “key growth driver.”
Ultimate beauty – Shares of the cosmetics retailer plunged more than 12% following the company’s first-quarter earnings announcement. Although the company reported earnings and revenue growth, shares fell on the company’s reduced full-year operating margin guidance.
Of highest importance — Shares of the media company rose more than 5% after National Amusements, Paramount’s controlling shareholder, announced a $125 million preferred equity investment by BDT Capital Partners. Loop Capital has upgraded Paramount from a sell to a hold rating in light of the news. The Wall Street company said the bull case is that financial pressures will force Paramount to find a buyer and shareholders will realize private market value.
gap — Shares of the apparel retailer rose 11% even as the company posted net losses and declining sales in its most recent quarter on Thursday. Investors welcomed the significant improvement in Gap’s margins, which the company attributed to reduced promotions and lower air freight costs.
working day — The stock gained more than 11.1% after first-quarter earnings and sales beat analysts’ expectations. Workday also raised the low end of its full-year subscription revenue guidance and named Zane Rowe as its new chief financial officer.
RH – Shares plunged about 3.7% after the retailer’s second-quarter forecast fell short of analysts’ expectations. The company also warned of increased discounts. However, RH beat estimates for adjusted earnings per share and revenue per Refinitiv in the first quarter when it reported results after the market close on Thursday.
Decker’s Outdoor – Deckers Outdoor rose 2.3% after the footwear company behind Ugg and HOKA shoes reported fiscal fourth quarter results that beat analysts’ expectations. However, its full-year earnings and sales guidance came in lower than expected.
American Express – Shares gained more than 3% in midday trade. On Friday, Morgan Stanley said the recent sell-off was “overdone” and that with stock trading at its lowest level in years, it was a good entry point for investors.
Nvidia – Semiconductor stocks surged 1.7% a day after rising 24% on the AI darling’s overwhelming earnings report. Friday’s surge brings Nvidia closer to hitting a $1 trillion market cap.
Monolithic Energy Systems – The stock was among those boosted by Nvidia’s earnings report and the excitement around AI. Monolithic Power Systems was up 6.7% while Arista Networks was up 8.1%. Broadcom was up 7%, NXP Semiconductors was up 4.4% and Adobe was also up 4.4%.
– CNBC’s Hakyung Kim, Yun Li, Tanaya Macheel and Sarah Min contributed coverage.
https://www.cnbc.com/2023/05/26/stocks-making-the-biggest-moves-midday-ford-marvell-technology-paramount-gap-more.html
