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Midday movers: Nvidia, Dell rise; Live Nation, Boeing fall

Published 2024-05-23, 07:42 a/m
© Reuters
(Updated - May 23, 2024 11:48 AM EDT)

Investing.com -- U.S. stock futures traded higher Thursday, as solid quarterly corporate earnings overshadowed concerns over interest rates remaining elevated for longer than expected.

Here are some of the biggest U.S. stock movers today:

  • Nvidia (NASDAQ:NVDA) stock soared over 10% after the chipmaker’s first quarter earnings blew past estimates, as well as offered up a stronger-than-expected revenue forecast for the current quarter, as it continued to benefit from strong demand in the growing AI industry.

  • Advanced Micro Devices (NASDAQ:AMD) and Broadcom (NASDAQ:AVGO) rose over 2%, with Nvidia’s peers benefiting from the continued AI demand, while memory chip maker Micron Technology (NASDAQ:MU) rose 3.8% and chip designer Arm Holdings (ARM) rose nearly 4%. Some chipmakers including AMD struggled to hold onto the gains.

  • News Corp (NASDAQ:NWSA) stock rose 2% after the news giant signed a content sharing deal with OpenAI, granting the latter access to content from several of its biggest publications.

  • Live Nation Entertainment (NYSE:LYV) stock fell 6% following a report that the Department of Justice was planning a lawsuit against the firm over allegedly monopolistic practices by its Ticketmaster unit, and that lawmakers were also seeking a separation of Ticketmaster from the firm.

  • Snowflake (NYSE:SNOW) stock fell 3% despite the data cloud analytics firm forecasting second-quarter product revenue above estimates and raised its annual expectations.

  • DuPont (NYSE:DD) stock climbed 5.4% preopen following the U.S. conglomerate's announcement of plans to split into three publicly traded companies. By midday the stock had given back most of the gains. The move was considered logical, but not surprising.

  • Taiwan Semiconductor Manufacturing (TSM) stock rose 2% after the Taiwanese contract chipmaker forecast annual revenue growth of 10% in the global semiconductor industry, excluding memory chips.

  • Medtronic (NYSE:MDT) (MDT) stock fell 3% despite the medical device maker beating estimates for quarterly profit, aided by a post-pandemic pickup in surgical volumes at hospitals that boosted demand for its medical devices. Concerns about its margin forecast weighed on the stock.

  • Boeing (NYSE:BA) fell 6% after management said that it has not made recent aircraft deliveries to China due to a request from the country's aviation regulator for additional certification documents. The plane maker also warned of worsening cash flow.

  • e.l.f. Beauty, Inc. (NYSE:ELF) rose 20% despite issuing full year guidance that was significantly below forecasts. Analysts said quarterly results were solid and the guidance was "conservative."

  • GlobalFoundries (NASDAQ:GFS) fell 7% after announcing that Mubadala Technology Investments is offering $950 million of the company's shares. The company plans to repurchase a portion of the stock.

  • Dell Technologies (NYSE:DELL) rose 6% after it was added to a top picks list at research firm Evercore ISI.

  • Cytokinetics (NASDAQ:CYTK) fell 16% after it announced plans to offer approximately $500 million of shares of its common stock in an underwritten public offering. It also enter into a strategic funding collaboration with Royalty Pharma plc (Nasdaq: RPRX). Some investors were expecting a takeover of the company, but that now looks less likely near-term.

Additional reporting by Louis Juricic

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