Stocks making the biggest moves midday: Apple, Lyft, Carvana, VF Corp and more

cnbc.com:

In this article

Check out the companies making headlines in midday trading.

Carvana – The used car retailer saw shares surge 28% after the company said it expects to achieve positive adjusted profit during the second quarter of this year, which would be earlier than it previously stated. Carvana posted a smaller-than-expected loss Thursday, according to Refinitiv. The company has been working to reduce costs, narrow losses and increase profits per vehicle after its stock fell about 98% in 2022.

Apple – The tech giant advanced more than 4%. On Thursday, Apple reported better-than-expected earnings and revenue for its fiscal second quarter, according to Refinitiv, driven by stronger-than-anticipated iPhones sales. The company also flagged strength in emerging markets and improved supply.

Lyft – Stock in the rideshare giant fell 21% on Friday, after reporting quarterly results a day earlier. Weak forward guidance drove the stock lower and stoked investor worry. The company beat expectations on revenue.

Coinbase – Shares of the cryptocurrency platform rose 17% after Wedbush reiterated an outperform rating on the stock earlier on Friday. The company reported beats on quarterly results a day earlier, with a smaller-than-expected loss of 34 cents per share.

Nvidia – Shares of Nvidia jumped 3%. The action came after a Microsoft spokesperson denied in a Bloomberg report that AMD is part of its Athena artificial intelligence chip project.

VF Corp – The North Face and Vans parent rose 4%. Wells Fargo upgraded the stock to equal weight from underweight, saying green shoots for Vans were becoming harder to ignore.

Tesla, Lucid – Both electric vehicle makers were higher in midday trading, with Tesla gaining 4% and Lucid adding 5%.