Stocks with the biggest gains at noon: CAVA, NVDA, DECK, SQ | Private Equity Weekly
Take a look at the companies making headlines in midday trading. Deckers Outdoor — Shares of Deckers Outdoor fell 6.9% after Truist downgraded the footwear company on concerns about declining demand for its core products and noted that Hoka’s direct-to-consumer trend had weakened in February. Cava – shares rose 4.4% after Argus upgraded the Mediterranean food chain to buy from hold and said investors should buy the dip. The company said Cava has a “long road to growth.” The stock has gained 44% so far this year, but is down 11% this month. Nvidia, the leader of the “Big Seven”, tried to get out of the correction range, and its stock price rose 1.7%. The stock is 11% below its all-time high set earlier this year. Vital Farms — William Blair-backed Vital outperformed, sending shares up 2.4%. The consumer brand is “well-positioned in the large and growing U.S. clean label food industry,” the company said. Shares of Block-payments company fell 2.3%. The move came as U.S. Treasury yields rose on higher-than-expected inflation data. This overshadowed Mizuho’s increase in its share price target to $106. Zillow Group — Shares of Zillow Group fell 5.1% even though Jefferies named the online housing company its new top idea. Shares have fallen more than 21% in the past month since the National Association of Realtors announced a settlement on March 15 that could lower real estate commission rates. Wednesday’s action came as interest rates rose sharply following the release of the latest consumer price index data. GoodRx Holdings — Telemedicine shares rose nearly 2% after KeyBanc upgraded the stock to overweight in the sector. The company said it believes GoodRx has an opportunity to be profitable for the full year and raised guidance. Delta Air Lines — Shares of Delta Air Lines were little changed after reporting first-quarter earnings, outperforming the broader market. The airline also said it was experiencing strong growth in leisure and business bookings ahead of peak travel periods. Earnings per share were 45 cents, 9 cents higher than the 36 cents expected by analysts polled by LSEG. Albemarle — Shares of the chemical maker fell 1%. The stock was trading higher earlier after Bank of America upgraded the stock to a buy rating, citing rising lithium prices as a catalyst. Alibaba – Shares rose 1.2% on news that the Chinese e-commerce company’s co-founder Jack Ma praised Alibaba’s management and talked about the potential of artificial intelligence in an internal memo to employees. TSMC — The company’s March revenue rose 34.4% year-on-year (the fastest growth rate since November 2022), and the company’s shares rose 1.5%, reflecting strong demand for its artificial intelligence-driven chips. — Samantha Subin, Michelle Fox Theobald and Lisa Kailai Han contributed reporting to CNBC.
