Stocks making the biggest moves midday: Nvidia, First Republic, Nike, GameStop and more

cnbc.com:

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