See the companies making headlines in midday trading. Nvidia — Shares fell 5.6% as Nvidia took a breather from its winning streak. Earlier in the session, the stock hit a new 52-week high. The chipmaker’s shares are up 7% this week and are heading for their ninth consecutive winning week. Marvell Technology — Shares of the chip maker fell more than 11% on weak first-quarter earnings and revenue guidance. Marvell Technology said it expects adjusted earnings of 23 cents per share in the first quarter, below the 40 cents expected by analysts polled by LSEG, formerly known as Refinitiv. Carvana — The auto e-commerce platform rose more than 7% after RBC Capital Markets upgraded the stock from a sector underperformer, citing reasonable valuation. Costco — Shares fell 7% after the warehouse club reported fiscal second-quarter revenue of $58.44 billion, below the consensus estimate of $59.16 billion, according to LSEG. However, earnings per share beat expectations. Eli Lilly — Shares of the pharmaceutical company fell 2.3% after the U.S. Food and Drug Administration delayed approval of an Alzheimer’s disease drug known as donanemab. An independent advisory committee is expected to review the drug further. Broadcom – Chip stocks came under pressure, falling 7%, as semiconductor makers endured a sell-off and gave up some of their 2024 gains. The drop came even after Goldman Sachs reiterated its buy rating on Broadcom shares, saying investors should buy the stock on the dip. Textron — Textron shares rose 2% after Bank of America upgraded its rating on the plane maker to buy, citing strong revenue growth prospects. MongoDB — Shares of the database software company fell nearly 7% after issuing weaker-than-expected guidance for the first quarter and full year. Despite the downbeat guidance, MongoDB beat estimates in the latest quarter, posting adjusted earnings of 86 cents per share on revenue of $458 million. Gap – Gap grew more than 8% thanks to strong holiday quarter results. The retailer reported earnings of 49 cents per share on revenue of $4.30 billion, beating 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 regional bank fell 6.6% even after Moody’s Investors Service said it had placed NYCB on “review for upgrade.” The stock is still well off Wednesday’s lows of the week, which came before NYCB announced a $1 billion capital raise. Samsara — Internet of Things shares jumped 14% after Samsara beat expectations for fourth-quarter revenue and rosy revenue guidance. Samsara’s revenue was $276 million, compared with analysts’ expectations of $258 million at LSEG. DocuSign — Shares rose 4.5% after the electronic signature products company beat earnings expectations in the fourth quarter and gave a positive outlook for the first quarter. DocuSign reported adjusted earnings of 76 cents per share on revenue of $712 million for the period. Analysts polled by LSEG had forecast earnings of 64 cents per share on revenue of $699 million. Amylyx Pharmaceuticals – Shares of the pharmaceutical company fell more than 82% after announcing that its ALS drug failed to meet its target in a late-stage study. 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 the stock to “overweight” from equal weight. Morgan Stanley said increased investment banking activity could boost UBS shares. Li Auto – The Chinese automaker’s U.S.-listed shares fell less than 1% even after Deutsche Bank named the stock a favorite. The Wall Street firm called Li Auto “the sweet spot of the mega-trend of automotive electrification in China.” — CNBC’s Yoon Lee, Jesse Pound, Pia Singh, Sarah Min, Michelle Fox and Hakyung Kim contributed reporting.
