Are you interested in keeping up with the latest trends in the stock market? Here are some of the companies making headlines in midday trading:
1. Nvidia: The artificial intelligence chipmaker saw a 3% slump after unveiling its next-generation chips. Wall Street firms raised their price targets on Nvidia, while competitor Advanced Micro Devices dropped 6.8% following the news.
2. Super Micro Computer: The information technology stock dropped 12% after filing to sell two million additional shares through Goldman Sachs. Proceeds of around $2 billion will be used for various purposes, including R&D investments.
3. Unilever: U.S. shares of the British consumer products maker rose 2.9% as it announced plans to spin off its ice cream unit, which includes popular brands like Ben & Jerry’s and Magnum. The restructuring plan will impact around 7,500 jobs.
4. Cryptocurrency stocks: Stocks tied to bitcoin fell as the benchmark crypto dropped, with MicroStrategy and Coinbase experiencing significant declines. Crypto mining stocks were also down, with companies like Riot Platforms and Marathon Digital seeing lower prices.
5. Nordstrom: Shares jumped 12% following reports that the luxury department store chain is exploring going private. The company is working with investment banks to gauge interest from private equity firms.
6. Tencent Music: The Chinese internet stock rallied 5.5% after its quarterly earnings report, showing growth in paying users but a decrease in total revenue compared to the previous year.
7. dLocal: The packaged software provider slumped nearly 15% after reporting weaker-than-expected earnings. Full-year revenue guidance was also below analyst expectations.
8. Snowflake, MongoDB: Data technology stocks like Snowflake and MongoDB lost value following a downgrade to sell by Redburn Atlantic Equities.
9. Cognex, Chart Industries: Both stocks gained after UBS upgraded them to buy from neutral, citing growth potential and strong management execution.
10. Endava: The British software stock surged 5.7% after a JPMorgan upgrade to overweight, offering potential upside after a previous decline.
11. Avis Budget Group: Shares gained 2.5% after Bank of America initiated coverage with a buy rating and a price target significantly above the closing price.
Stay informed with these updates on the stock market trends and make informed decisions for your investments.
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