Take a look at the companies in the spotlight during midday trading.
Nvidia: The tech giant surged by 15% after surpassing expectations in its fiscal fourth quarter. Nvidia reported earnings of $5.16 per share on an adjusted basis and revenue of $22.1 billion, exceeding the estimates of analysts polled by LSEG. The company also raised its current-quarter revenue forecast.
Moderna: Shares of the vaccine manufacturer jumped 12% following better-than-expected fourth-quarter revenue of $2.81 billion, boosted by deferred revenue and cost-cutting measures.
Lucid Group: The luxury electric vehicle maker saw its shares drop by 16% as it fell short of fourth-quarter revenue expectations at $157 million. Following the revenue miss, the stock was downgraded by Cantor Fitzgerald.
Etsy: Etsy shares declined by 7% after reporting mixed quarterly results. While the company surpassed revenue expectations, it fell short on earnings per share. Etsy also anticipates a decrease in gross merchandise sales in the current quarter compared to last year.
Rivian: The electric vehicle manufacturer’s stock tumbled by 25% after missing production estimates for 2024 and announcing a 10% reduction in its workforce. Despite exceeding revenue expectations, Rivian reported a wider-than-expected fourth-quarter loss per share.
Synopsys: Shares of the software company surged by more than 10% to reach a new 52-week high following a strong earnings report. Synopsys reported earnings of $3.56 per share, surpassing estimates, and provided fiscal second-quarter revenue and earnings guidance that exceeded expectations.
DoorDash: The food delivery company’s stock rose by 5% after an upgrade by Morgan Stanley to overweight from equal weight, citing attractive entry points and solid growth potential.
Novavax: Shares of the biotech company soared by 25% after reaching a settlement with Gavi, a global vaccine organization, over a canceled Covid vaccine purchase agreement. The settlement alleviated concerns among investors amidst declining global demand for Covid products.
Coty: Shares of the beauty company edged up by about 3% following an upgrade to outperform from TD Cowen, driven by increasing momentum in the fragrance sector.
Quanta Services: The infrastructure stock saw a nearly 10% increase following a fourth-quarter earnings beat, reporting adjusted earnings and revenue higher than analyst expectations.
Iron Mountain: Shares of the information management services real estate investment trust climbed by 5% after posting fourth-quarter adjusted funds from operations that exceeded analyst estimates, with higher full-year guidance.
Mosaic: Shares of the fertilizer company rose by nearly 6% after being upgraded to sector outperform from perform at Scotiabank, following mixed fourth-quarter results.
Keurig Dr Pepper: The beverage company’s stock dropped by about 4% after reporting softer-than-expected fourth-quarter sales, falling below analyst estimates.
Source (CNBC)
