Stocks making the biggest moves midday: CAVA, NVDA, DECK, SQ
Check out the companies making headlines in midday trading. Deckers Outdoor — Shares lost nearly 6.7% after Truist downgraded the footwear company to hold over concerns that demand for core products is declining, noting softened direct-to-consumer trends for Hoka in February. Cava — Shares jumped 5.7% after Argus upgraded the Mediterranean food chain to buy from hold, saying investors should buy the dip. Cava has a “long runway to growth,” the firm said. Shares are up 44% year to date, but they have dropped 11% this month. Nvidia — Shares rose about 2% as the “Magnificent Seven” leader tried to move the company out of correction territory . The stock is 11% below a record high reached earlier this year. Vital Farms — William Blair initiated Vital at outperform, leading shares more than 2% higher before ending the trading day at roughly 0.4% higher. The consumer brand is “well positioned in the large and growing U.S. clean label food industry,” the firm said. Block — Shares of the payment company dropped 1.8%. The move came as Treasury yields rose on the back of hotter-than-expected inflation data. It overshadowed Mizuho upping its price target on shares to $106. Zillow Group — The stock slipped nearly 6% even after Jefferies named the online housing website company a new top idea at the firm. Shares have fallen more than 21% over the past month since the National Association of Realtors announced a settlement to potentially lower real estate commission rates on March 15. Wednesday’s moves came as rates jumped after the latest consumer price index data release. GoodRx Holdings — The telemedicine stock added nearly 3.9% following an upgrade at KeyBanc to overweight from sector weight. The firm said it sees opportunities for GoodRx to beat on earnings and raise guidance throughout the year. Delta Air Lines — Shares of Delta Air Lines were little changed, outperforming the broader market, after posting a first-quarter profit . The airline also said that it is experiencing strong leisure and business bookings ahead of the peak travel period. Earnings came in at 45 cents per share, 9 cents ahead of the 36 cents expected by analysts polled by LSEG. Albemarle — The chemicals manufacturer fell 1.2%. The stock was trading higher earlier in the morning after Bank of America upgraded shares to a buy rating, citing rising lithium prices as a catalyst. Alibaba — Shares rose 2.2% on news that Jack Ma, co-founder of the China-based e-commerce company, touted Alibaba’s management and talked about the potential for AI in an internal memo to employees. Taiwan Semiconductor Manufacturing — Shares added 0.6% after the company posted 34.3% year-on-year revenue growth in March — its fastest pace of growth since November 2022 — reflecting strong demand for its AI-powering chips. — CNBC’s Samantha Subin, Michelle Fox Theobald and Lisa Kailai Han contributed reporting. Correction: Taiwan Semiconductor Manufacturing posted 34.3% year-on-year revenue growth in March. An earlier version of this article misstated the figure.