Stocks making the biggest moves midday: Nvidia, Super Micro Computer, Unilever, Nordstrom and more

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Stocks making the biggest moves midday: Nvidia, Super Micro Computer, Unilever, Nordstrom and more

Super Admin

April 22, 2024

1 minute

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Finance

Check out the companies making headlines in midday trading. Nvidia – Nvidia slumped more than 3% after the AI chipmaker unveiled its widely-anticipated next-generation chips. Several Wall Street firms boosted their price targets on Nvidia in the wake of the event. The company plans to roll out the first iteration of the AI graphics processors known as Blackwell later this year. Competitor Advanced Micro Devices dropped 6.8% following the news. Super Micro Computer — The information technology stock dropped 12% on the back of a filing to sell an additional two million shares through Goldman Sachs. Proceeds of roughly $2 billion will be used for "the purchase of inventory and other working capital purposes, manufacturing capacity expansion and increased R & D investments," SMCI said. Unilever — U.S. shares of the British consumer products maker rose 2.9% after it set plans to spin off its ice cream unit , which includes Ben & Jerry's and Magnum. The change comes as part of a restructuring plan that will affect about 7,500 jobs. Cryptocurrency stocks – Stocks tied to the price of bitcoin fell Tuesday as the benchmark crypto dropped , sliding more than $10,000 from last week's record high. MicroStrategy , the largest corporate holder of bitcoin, tumbled 15% and crypto exchange Coinbase fell 8%. Crypto mining stocks were down across the board, with the largest, Riot Platforms and Marathon Digital , lower by 7% and 8%, respectively. Nordstrom — Shares jumped 12% on a Reuters report that the luxury department store chain is looking to go private. Nordstrom is working with investment banks Morgan Stanley and Centerview Partners to see if private equity firms are interested in a deal, Reuters said, citing people familiar with the matter. Tencent Music — Shares of the Chinese internet stock rallied 5.5% on the back of its quarterly earnings report. Tencent Music saw growth of more than 20% in the number of paying users on an annualized basis, although total revenue fell compared with the year-earlier period. DLocal — The packaged software provider slumped nearly 15% on the heels of a weaker-than-expected earnings report. DLocal earned 10 cents per share in the fourth quarter, less than the 15-cent forecast from analysts polled by StreetAccount. Full-year revenue guidance was near the low end of what analysts expected. Snowflake , MongoDB — The data technology stocks lost more than 1% and 3%, respectively, following a downgrade to sell from neutral by Redburn Atlantic Equities. The firm said both lack an advantage tied to generative AI. Cognex , Chart Industries — The two stocks advanced on the backs of UBS upgrades to buy from neutral. Cognex gained 2.5% after UBS said the software provider offers investors high-quality growth at a discount, while Chart rose 3.8% after the bank said the maker of clean energy and industrial gas equipment executed well on its management plan. Endava — The British software stock jumped 5.7% following a JPMorgan upgrade to overweight from neutral. JPMorgan said Endava offered 32% potential upside from Monday's close after plunging 50% so far in 2024. Avis Budget Group — Shares gained 2.5% after Bank of America initiated coverage of the car rental company with a buy rating , saying Avis is at an "attractive entry point." The bank's price objective of $170 was 57% above Monday's closing price. — CNBC's Tanaya Macheel, Jesse Pound, Samantha Subin, Sarah Min and Michelle Fox contributed reporting