Stocks with the biggest gains at noon: NVDA, RIVN, MRNA, NVAX | Private Equity Weekly
Take a look at the companies making headlines in midday trading. Nvidia — Shares of Nvidia rose 15% after the chipmaking giant reported better-than-expected fiscal fourth-quarter results. Nvidia’s adjusted earnings per share were $5.16 on revenue of $22.1 billion, higher than the $4.64 per share and $20.62 billion expected by analysts surveyed by LSEG. Nvidia also said its revenue this quarter will be higher than previously expected. Moderna — Shares of Moderna rose 12% after the vaccine maker beat fourth-quarter revenue estimates, driven by deferred revenue and cost cuts. Moderna’s revenue was $2.81 billion, while analysts polled by LSEG had expected $2.5 billion. Lucid Group — The luxury electric car maker reported fourth-quarter revenue of $157 million, missing the $180 million expected by analysts polled by LSEG, sending its shares down 16%. Cantor Fitzgerald downgraded the stock to “underweight” from “neutral” after revenue missed expectations. Etsy — Shares of Etsy fell 7% after the online marketplace and e-commerce site posted mixed quarterly results. The company beat revenue estimates but earned 62 cents per share. That was below the 78 cents expected by analysts polled by LSEG. Etsy also said its total merchandise sales this quarter are expected to be down from a year ago, citing a slow start to the year. Rivian – The electric car maker forecast that 2024 production will fall short of expectations and it will lay off 10% of its workforce, sending the company’s stock price down 25%. Rivian also reported a wider-than-expected fourth-quarter loss of $1.36 per share, according to LSEG, but revenue topped expectations. Synopsys — Shares of Synopsys soared more than 10% to a new 52-week high after the software company reported a strong earnings report. Synopsys’ earnings per share, excluding items, were $3.56, beating LSEG’s estimate of $3.43 per share. The company also provided higher-than-expected fiscal second-quarter revenue and profit guidance. DoorDash – The stock rose 5% after Morgan Stanley upgraded the stock to overweight from equal weight. Morgan Stanley said the stock is at an attractive entry point and has a long runway for growth. Novavax — Shares of Novavax soared 25% after the biotech company said it would resolve a dispute with non-governmental global vaccine group Gavi over the cancellation of a COVID-19 vaccine purchase agreement. The settlement eases investor concerns about Novavax at a time when global demand for COVID-19 products has plummeted. Coty — Shares of the beauty company edged up about 3% after TD Cowen upgraded the stock to outperform. The investment firm sees growth momentum in the fragrance sector as a catalyst for upgrades. Quanta Services — The infrastructure stock rose nearly 10% after fourth-quarter profit beat estimates. Quanta reported adjusted earnings of $2.04 per share on revenue of $5.78 billion, above analysts’ expectations of $1.98 per share on revenue of $5.18 billion, according to FactSet. Iron Mountain — Shares of the information management services real estate investment trust edged up 5% after reporting fourth-quarter adjusted funds from operations of $1.11 per share, above the $1.05 per share expected by analysts polled by FactSet. AFFO’s full-year guidance also topped Wall Street expectations. Mosaic — Shares of Mosaic rose nearly 6% after the fertilizer company was upgraded to outperform from outperform by Scotiabank. The rating change comes after Mosaic reported mixed fourth-quarter results, missing analysts’ profit forecasts but beating revenue estimates. Keurig Dr Pepper — Shares of the beverage fell about 4% after fourth-quarter sales fell short of expectations. Keurig Dr Pepper reported fourth-quarter revenue of $3.87 billion, below analysts’ expectations of $3.92 billion, according to FactSet. Fourth-quarter sales increased 1.7% year-over-year. —CNBC’s Michelle Fox, Alexander Harlin, Li Yun, Jesse Pond, Pia Singh and Samantha Subin contributed reporting.
