Check out the companies making headlines in midday trading. Nvidia – Shares fell nearly 5% as Nvidia took a break from its winning streak. Earlier in the session, the stock hit a new 52-week high. The chipmaker has gained 7% week to date and is on track for its ninth straight winning week. Marvell Technology – The chip company sank more than 10% on light first-quarter earnings and revenue guidance. Marvell Technology said it expects adjusted earnings of 23 cents per share in the first quarter, less than the 40 cents expected by analysts polled by LSEG, formerly known as Refinitiv. Carvana – The automotive e-commerce platform rose more than 5% after RBC Capital Markets upgraded shares to sector perform from underperform, citing a reasonable valuation. Costco – Stock fell 7% after the warehouse club reported revenue of $58.44 billion for its fiscal second quarter, below the consensus estimate of $59.16 billion, per LSEG. However, earnings per share exceeded expectations. Eli Lilly – Shares of the drug company fell 2% after the U.S. Food and Drug Administration delayed approval of an Alzheimer's drug known as donanemab. An independent advisory committee is expected to review the drug further. Broadcom – The chip stock came under pressure, falling nearly 7% as semiconductor names suffered a sell-off and lost some of their gains in 2024. The decline came even after Goldman Sachs reiterated its buy rating on Broadcom, saying investors should buy at decline. Textron – Textron stock rose 2% after Bank of America upgraded the aircraft manufacturer to a buy rating, citing strong revenue growth expectations. MongoDB – The database software company fell more than 6% after issuing lighter-than-expected guidance for the first quarter and full year. Despite disappointing guidance, MongoDB beat estimates last quarter, reporting adjusted earnings of 86 cents per share on revenue of $458 million. Gap – Gap rose nearly 4% thanks to strong holiday quarter results. The retailer earned earnings of 49 cents per share on revenue of $4.30 billion, beating the 23 cents per share and $4.22 billion in revenue expected by analysts surveyed by LSEG. The company also said its Old Navy brand returned to growth for the first time in more than a year. New York Community Bancorp – Shares of the regional bank fell 5% even after Moody's Investors Service announced it had placed NYCB on “review for upgrade.” The stock is still well above its week's lows on Wednesday, which came before the New York central bank announced a $1 billion capital increase. Samsara – IoT stock jumped 10% after Samsara beat Q4 revenue expectations and rosy revenue guidance. Samsara reported revenue of $276 million, compared to analyst expectations of $258 million, per LSEG. DocuSign – The stock rose 4.8% after the company, which provides electronic signature products, beat fourth-quarter earnings expectations and gave positive guidance for the first quarter. DocuSign reported adjusted earnings of 76 cents per share on revenue of $712 million for the period. Analysts polled by LSEG had called for earnings of 64 cents per share on revenue of $699 million. Amylyx Pharmaceuticals – The drug stock collapsed more than 80% after it was announced that the ALS drug failed to meet its target in a late-stage trial. Amylyx Pharmaceuticals said it may withdraw the drug from the market. UBS – U.S.-listed shares of the Swiss bank rose more than 3% after Morgan Stanley upgraded the stock to overweight from equal weight. Morgan Stanley said higher investment banking activity could boost UBS shares. Li Auto – US-listed shares of the Chinese auto company fell less than 1% even after Deutsche Bank named the stock a top pick. The Wall Street firm called Li Auto “the sweet spot in China's mega-trend of auto electrification.” — CNBC's Yun Lee, Jessie Pound, Pia Singh, Sarah Min, Michelle Fox and Hakyung Kim contributed reporting.
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Stocks making the biggest moves at midday: NVDA, MRVL, COST, LLY
