Midday Trading Highlights: Key Moves in the Market
As the trading day progresses, a number of notable companies are making headlines. Here’s a look at some of the key movements:
Nvidia
Nvidia’s shares experienced a decline of 1.1%, reversing earlier gains that had briefly lifted the stock out of correction territory. Despite this drop, Nvidia has seen an impressive surge of over 160% since the beginning of 2024.
General Mills
General Mills shares fell by 3.1%, following the company’s announcement of a weaker outlook than anticipated. The consumer goods giant informed investors that adjusted earnings per share are expected to decrease between 1% and 3%, a shift from their prior outlook which hovered around a slight loss to gain.
Jabil
Jabil’s stock soared by 7.3% after reporting earnings and guidance that surpassed analysts’ expectations. The company reported core earnings per share of $2 on a revenue of $6.99 billion for the first quarter, significantly exceeding FactSet’s forecast of $1.88 a share and $6.61 billion in revenue.
Heico
The aerospace firm Heico saw its shares tumble by 8.7% following disappointing revenue figures. Heico’s reported revenue of $1.01 billion fell short of the $1.03 billion that analysts had expected, according to FactSet data.
Ollie’s Bargain Outlet
Ollie’s Bargain Outlet shares dipped by 0.4%, even though they peaked at a 52-week high during the session. This followed a double upgrade by Citigroup from sell to buy, which highlighted Ollie’s position as the “king of closeouts” amidst a challenging retail environment.
Xometry
Shares of Xometry fell by over 1%, relinquishing a rally that emerged after JPMorgan upgraded the artificial intelligence-powered industrial marketplace to overweight from neutral. The bank noted Xometry as one of the top growth stories in their coverage for the upcoming three to five years.
Netgear
Netgear enjoyed a bump in its stock, rising 4.8% after the Wall Street Journal indicated that the U.S. government is contemplating a ban on routers manufactured in China. As a California-based company that produces routers, Netgear stands to benefit from this move.
Birkenstock
The iconic shoe brand Birkenstock saw a 2% increase following favorable earnings and revenue results for the fourth fiscal quarter. The company surpassed expectations in terms of adjusted earnings before interest, taxes, depreciation, and amortization.
Rivian
The electric vehicle manufacturer Rivian experienced a significant downturn, with shares dropping 11.2% after Baird downgraded its rating from outperform to neutral. While Baird remains optimistic about Rivian’s long-term potential, they highlighted the absence of catalysts in 2025, along with sluggish EV sales forecasts.
Box
Box’s stock saw a minor decline of 0.3% despite being initiated at a buy rating by DA Davidson, which cited the company’s early-stage growth potential following recent platform expansions.
Disney
The entertainment powerhouse Disney’s shares fell by 1.5%, despite Morgan Stanley naming it as a top pick for 2025. The firm anticipates “substantial” streaming profits to come from both Disney and Warner Bros Discovery.
Academy Sports
Academy Sports advanced slightly, up 0.1%, following Citigroup’s initiation with a buy rating, signaling a promising growth trajectory for the sporting goods retailer.
Expedia
Expedia shares dropped 2.4%, giving up earlier gains after Bank of America upgraded its rating from neutral to buy, designating Expedia as one of the top value stocks within the internet sector.
DoubleVerify
DoubleVerify experienced a slight decline of 0.5%, despite an outperform rating initiated by Raymond James, who acknowledged the company as a market leader in its field.
Rocket Pharmaceuticals
Rocket Pharmaceuticals’ shares fell by 1.5%. Nevertheless, Jefferies initiated coverage with a buy rating, highlighting the company’s promising pipeline of gene therapies for rare diseases. Analyst Andrew Tsai has high expectations for a clinical trial of RP-A501 (AAV9) aimed at treating Danon disease, viewing it as a significant potential catalyst for the stock.
