Stocks making the biggest moves midday: Nvidia, Boeing, Splunk, Dollar Tree and more
Check out the companies making headlines in midday trading.
Nvidia — The chipmaker's stock climbed more than 1% to a record high after the company reported a beat on the top and bottom lines. The strong performance was driven by its data center business, which includes the A100 and H100 AI chips needed to build and run artificial intelligence application. Nvidia also offered strong guidance amid a surge in demand for chips, suggesting sales in the current quarter will grow 170% from the year-earlier period.
AMD, Marvell Technology — Both semiconductor stocks were lower as Nvidia's earnings momentum fizzled. Shares of AMD slipped nearly 5%, while Marvell pulled back 4%.
Boeing — Shares of the aerospace company shed nearly 3% after Boeing said deliveries of the 737 Max will be delayed after it discovered new manufacturing flaws. Fastener holes on the aft pressure bulkhead on some of the plans were improperly drilled, the company said. Spirit AeroSystems, which builds the fuselages, dropped 16.5%.
Dollar Tree — The discount retailer declined 2% after issuing lower-than-expected third-quarter guidance. The company said it expects between 94 cents per share and $1.04, while analysts polled by Refinitiv had expected $1.27 going forward.
Discover Financial Services — Shares climbed 2% after an upgrade to outperform from Wolfe, which said the company's «recent underperformance fueled by internal control and risk management deficiencies» could spur a buying opportunity for investors.
Splunk — The cloud stock climbed 13.6% after the company beat Wall Street expectations for second-quarter earnings and raised its guidance. Bank of America reiterated its buy and top-pick ratings on the stock following the report.
Autodesk — Shares
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