Take a look at the companies making headlines in midday trading. Nvidia — Nvidia’s winning streak has temporarily come to an end as its shares fell 5.6%. Earlier in the session, the stock hit a new 52-week high. The chipmaker is up 7% so far this week and is on track for a ninth straight week of profits. Marvell Technology — The chip company’s shares fell more than 11% after the chip company gave weak first-quarter profit and revenue guidance. Marvell Technology said it expected first-quarter adjusted earnings of 23 cents per share, below the 40 cents expected by analysts surveyed by LSEG (formerly Refinitiv). Carvana — Shares of the e-commerce automotive platform rose more than 7% after RBC Capital Markets upgraded the stock to sector perform from underperform, citing fair valuation. Costco — Stocks fell 7% after the warehouse club reported fiscal second-quarter revenue of $58.44 billion, missing consensus estimates of $59.16 billion, according to LSEG. However, earnings per share beat expectations. Eli Lilly — Shares of Eli Lilly fell 2.3% after the U.S. Food and Drug Administration delayed approval of its Alzheimer’s drug donanemab. An independent advisory committee is expected to further review the drug. Broadcom — The chip stock came under pressure, falling 7% as semiconductor companies suffered a sell-off and gave back some of their 2024 gains. Even though Goldman Sachs reiterated its buy rating on Broadcom and said investors should buy the dip, the stock price fell. Textron — Shares of Textron rose 2% after Bank of America upgraded the aircraft maker to a buy rating, citing its strong revenue growth prospects. MongoDB — The database software company issued lower-than-expected first-quarter and full-year guidance, sending its shares down nearly 7%. Despite disappointing guidance, MongoDB beat expectations with adjusted earnings of 86 cents per share in its latest quarter on revenue of $458 million. Gap — Shares of Gap rose more than 8% on strong holiday quarter results. The retailer reported earnings of 49 cents per share on revenue of $4.3 billion, above the 23 cents per share and revenue of $4.22 billion expected by analysts polled by LSEG. The company also said its Old Navy brand returned to growth for the first time in more than a year. New York Community Bancorp — Shares of the area bank fell 6.6% even after Moody’s Investors Service announced it was placing NYCB on “elevated review.” The stock remains well above this week’s low on Wednesday, which preceded NYCB’s announcement of a $1 billion capital raise. Samsara — The Internet of Things stock rose 14% after Samsara beat fourth-quarter revenue estimates and provided upbeat revenue guidance. Samsara reported revenue of $276 million, compared with analysts’ expectations of $258 million, according to LSEG. DocuSign — Shares of DocuSign rose 4.5% after the company, which provides electronic signature products, beat fourth-quarter profit expectations and gave positive first-quarter guidance. DocuSign reported adjusted earnings of 76 cents per share on revenue of $712 million. Analysts polled by London Stock Exchange Group (LSEG) expected earnings of 64 cents per share on revenue of $699 million. Amylyx Pharmaceuticals — Shares of Amylyx Pharmaceuticals plunged more than 82% after announcing that its ALS drug missed targets in a late-stage trial. Amylyx Pharmaceuticals said it may withdraw the drug from the market. UBS – U.S.-listed shares of the Swiss bank rose more than 3% after Morgan Stanley upgraded shares of the Swiss bank to overweight from equal weight. Morgan Stanley said increased investment banking activity could boost UBS shares. Shares of the U.S.-listed Chinese car company fell less than 1% despite Deutsche Bank naming Li Auto as its top stock pick. The Wall Street firm called Li Auto the “sweet spot of China’s automotive electrification megatrend.” —CNBC’s Yun Li, Jesse Pound, Pia Singh, Sarah Min, Michelle Fox and Hakyung Kim contributed reporting.
