See the companies making headlines in midday trading. Deckers Outdoor – Shares fell nearly 6.7% after Truist downgraded the footwear company to address concerns that demand for its core products was weakening, noting a softening in Hoka’s direct sales trends in February. Cava – Shares jumped 5.7% after Argus upgraded the Mediterranean food chain to buy, saying investors should buy the dip. Cava has a “long path to growth,” the company said. The stock is up 44% year to date, but is down 11% this month. Nvidia — Shares rose about 2% as the leader of the Magnificent Seven tried to steer the company out of correction territory. The stock is 11% off the all-time high it hit earlier this year. Vital Farms – William Blair launched Vital with an outperformance, sending shares up more than 2% before ending the trading day up about 0.4%. The consumer brand is “well positioned in the large and growing U.S. food industry,” the company said. Block – Shares of the payments company fell 1.8%. The move comes as Treasury yields rise on better-than-expected inflation data. This dwarfed Mizuho’s share price target increase to $106. Zillow Group – Shares fell nearly 6% even after Jeffries named the online housing website company as the company’s new top idea. The stock has fallen more than 21% over the past month since the National Association of Realtors announced an agreement March 15 to potentially cut real estate commission rates. Wednesday’s changes came as rates jumped following the release of the latest consumer price index data. GoodRx Holdings – Telehealth shares rose nearly 3.9% after KeyBanc was upgraded to overweight compared to its sector weight. The firm said it sees opportunities for GoodRx to beat earnings and raise guidance throughout the year. Delta Air Lines. Delta Air Lines shares were little changed, outperforming the broader market, after reporting first-quarter earnings. The airline also said it was seeing high levels of bookings for leisure and business travel ahead of the peak travel period. Earnings came in at 45 cents per share, 9 cents above the 36 cents expected by analysts polled by LSEG. Albemarle — Shares of the chemical maker fell 1.2%. Shares were trading higher earlier in the morning after Bank of America upgraded the stock to buy, citing rising lithium prices as a catalyst. Alibaba — Shares rose 2.2% on news that Jack Ma, co-founder of the Chinese e-commerce company, praised Alibaba’s management and talked about the potential of artificial intelligence in an internal memo to employees. Taiwan Semiconductor Manufacturing – Shares rose 0.6% after the company reported 34.3% year-on-year revenue growth in March – its fastest growth rate since November 2022 – reflecting strong demand for its chips for artificial intelligence. intelligence. —Reporting by CNBC’s Samantha Subin, Michelle Fox Theobald and Lisa Kailai Han. Correction: In March, Taiwan Semiconductor Manufacturing reported revenue growth of 34.3% year over year. An earlier version of this article misstated this figure.
