In midday trading, several companies made headlines for various reasons. Deckers Outdoor saw a 6.9% loss in shares after Truist downgraded the footwear company over concerns about declining demand for core products. Cava, a Mediterranean food chain, saw a 4.4% jump in shares after Argus upgraded the company to buy from hold, citing a “long runway to growth.” Nvidia saw a 1.7% increase in shares as the company attempted to claw its way out of correction territory. Vital Farms gained 2.4% after William Blair initiated coverage with an outperform rating, highlighting the company’s positioning in the U.S. clean label food industry. Block, a payment company, saw a 2.3% drop in shares as Treasury yields rose, overshadowing a price target increase from Mizuho. Zillow Group slipped 5.1% despite being named a top idea by Jefferies, following a recent decline in shares.
GoodRx Holdings, a telemedicine stock, added nearly 2% after an upgrade to overweight from KeyBanc, which cited opportunities for the company to beat on earnings and raise guidance throughout the year. Delta Air Lines saw little change in shares after posting a first-quarter profit and experiencing strong leisure and business bookings ahead of the peak travel period. Albemarle, a chemicals manufacturer, fell 1% despite a buy rating upgrade from Bank of America, which cited rising lithium prices as a catalyst. Alibaba saw a 1.2% increase in shares after co-founder Jack Ma praised the company’s management and discussed the potential for AI in an internal memo to employees. Taiwan Semiconductor Manufacturing added 1.5% after reporting 34.4% year-on-year revenue growth in March, reflecting strong demand for its AI-powering chips.
Overall, the companies making headlines in midday trading experienced a mix of gains and losses. Deckers Outdoor faced a significant loss after being downgraded, while Cava and Nvidia saw increases in their shares. Vital Farms received a positive rating from William Blair, leading to a 2.4% increase in shares, while Block and Zillow Group both experienced declines in their stock prices. GoodRx Holdings saw an uptick in shares following an upgrade from KeyBanc, and Delta Air Lines remained relatively stable after posting a profit for the first quarter. Albemarle fell despite a buy rating upgrade, Alibaba rose after positive comments from its co-founder, and Taiwan Semiconductor Manufacturing experienced growth in revenue due to strong demand for its chips.
