Take a look at the companies making headlines in midday trading. Nvidia — Artificial intelligence chipmaker Nvidia’s shares fell more than 3% after the company unveiled its highly anticipated next-generation chips. After the incident, several Wall Street firms raised their target prices for Nvidia. The company plans to launch its first-generation artificial intelligence graphics processor called Blackwell later this year. After the news broke, rival Advanced Micro Devices’ stock price fell 6.8%. Super Micro Computer — The information technology stock fell 12% after it filed to sell an additional 2 million shares through Goldman Sachs. Super Micro Computer said about $2 billion in proceeds will be used to “purchase inventory and other working capital, expand manufacturing capabilities and increase investment in research and development.” Unilever – The British consumer goods maker plans to spin off its ice cream unit, which includes Ben & Jerry’s and Magnum, and its U.S. shares rose 2.9%. The change is part of a restructuring plan that will affect approximately 7,500 jobs. Cryptocurrency Stocks — Stocks tied to the price of Bitcoin fell on Tuesday, falling more than $10,000 from last week’s all-time high as the benchmark cryptocurrency fell. MicroStrategy, the largest corporate holder of Bitcoin, fell 15%, and cryptocurrency exchange Coinbase fell 8%. Cryptocurrency mining stocks fell across the board, with the largest, Riot Platforms and Marathon Digital, falling 7% and 8% respectively. Nordstrom — Shares of Nordstrom jumped 12% after Reuters reported the luxury department store chain is seeking to take it private. Nordstrom is working with investment banks Morgan Stanley and Centerview Partners to see if private equity firms are interested in the deal, Reuters reported, citing people familiar with the matter. Tencent Music-China Internet shares rose 5.5% after the release of quarterly earnings. Although total revenue fell compared with the same period last year, the number of paying users of Tencent Music increased by more than 20% compared with the same period last year. dLocal — The packaged software provider’s shares fell nearly 15% after a weaker-than-expected earnings report. DLocal earned 10 cents a share in the fourth quarter, below the 15 cents forecast by analysts polled by StreetAccount. Full-year revenue guidance was near the low end of analysts’ expectations. Snowflake, MongoDB — Data technology stocks fell more than 1% and 3%, respectively, after Redburn Atlantic Equities downgraded its rating to sell from neutral. Both lack the advantages associated with generating artificial intelligence, the company said. Cognex, Chart Industries — Both stocks rose after UBS upgraded its rating to buy from neutral. Cognex rose 2.5% after UBS said the software provider offered 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 was executing well on its management plan. Endava – Shares of Endava rose 5.7% after JPMorgan upgraded the British software stock to overweight from neutral. JPMorgan said Endava has a potential upside of 32% from Monday’s closing price after plunging 50% so far in 2024. Avis Budget Group — Shares of Avis Budget Group rose 2.5% after Bank of America issued a buy rating on the car rental company, saying Avis is at an “attractive entry point.” The bank has a price target of $170, up from Monday’s close The price is 57% higher. —CNBC’s Tanaya Macheel, Jesse Pound, Samantha Subin, Sarah Min and Michelle Fox contributed reporting.
