By MarketWatch
Nvidia’s stock rally adds to the overall strength of the chip sector
Here are some of Thursday’s bigger stock moves:
Stock Winners:
Nvidia Corp stock (NVDA) surged 27% to a record high in midday trade as the semiconductor maker forecast record second-quarter sales of $11 billion and first-quarter earnings beat Wall Street expectations. Other chip stocks rose as well, with shares of Advanced Micro Devices Inc. (AMD) up nearly 10%, shares of Micron Technology Inc. (MU) up 3.6% and shares of Monolithic Power Systems Inc. (MPWR ) increased by 16%.
Dish Network Corp. shares rose 9% after The Wall Street Journal reported that the pay-TV services company is in talks to sell wireless plans for its new cellphone service through Amazon.com Inc.’s (AMZN) website.
Wireless Telecom Group Inc. (WTT) stock rose 30% after the radio frequency and microwave components company announced an agreement to be purchased by Maury Microwave Inc. in a cash deal that represents a premium of 34%.
Nutanix Inc. (NTNX) shares rose 14% after the cloud platform company posted an upbeat outlook for the fiscal third quarter.
Elf Beauty Inc. (ELF) shares surged 17% after the cosmetics company posted an 80% quarterly sales increase and earnings were well ahead of Wall Street expectations
Ralph Lauren Corp stock (RL) gained 6% after the luxury apparel and accessories company reported a sharp rise in profit and sales that beat forecasts in the fiscal fourth quarter, as strength in Asia offset declines in North America and Europe.
Shares of Red Robin Gourmet Burgers Inc. (RRGB) rose more than 7% after the restaurant chain issued a more upbeat sales guidance for the full year and reported surprise first-quarter earnings per share and better-than-expected sales .
Inventory decline:
Nikola Corp. shares (NKLA) fell 16% to a record low after the electric vehicle maker announced it had received notice from the Nasdaq exchange that it had failed to meet the minimum bid requirement for listing.
Dollar Tree Inc. (DLTR) shares tumbled 12% after the discount retailer missed earnings expectations for the fiscal first quarter and lowered its full-year outlook amid heightened shrinkage and a shift in consumer spending behavior weighed on the results.
WeWork Inc. (WE) stock fell 9% to a record low after the flexible workspace provider announced CFO Andre Fernandez will step down, effective June 1. This comes just over a week after the company announced Chief Executive Officer Sandeep Mathrani will step down on May 26, and just over two weeks after the company released second-quarter revenue guidance that fell short of Wall Street forecasts lay.
Snowflake Inc. (SNOW) shares fell 19% after the data software company beat expectations with its latest results but lowered its full-year outlook
American Eagle Outfitters Inc. (AEO) shares fell 16% after the clothing chain forecast a “low-single-digit” second-quarter sales decline as “ongoing macroeconomic challenges” have led to subdued apparel demand.
UiPath Inc. (PATH) stock slipped 12% after the AI newcomer released results that broadly matched analysts’ estimates but offered a weak second-quarter revenue forecast.
-Market observation
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5/25/23 1204ET
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