Stocks making the biggest moves midday: Nvidia, Coinbase, Oracle, Bally’s and more
Dive into the hot stories from today’s midday trading headlines.
Bally’s has caught everyone’s attention with shares rocketing over 25% following a buyout overture from hedge fund Standard General, who have valued the casino authority at $15 per share. This is a hefty 41.2% increase from last week’s closing price.
Ahead of its fiscal third-quarter earnings release, Oracle’s shares climbed a modest 1.6%. Analysts’ predictions from FactSet set a benchmark with expected earnings per share of $1.38, alongside a revenue forecast of $13.29 billion. Oracle has been performing well with an 8% increase in shares year to date.
Nvidia, however, saw a decrease of 1.2% this Monday, adding to last Friday’s downward trend when the AI computing stock took a sharp 5% dive. Unfortunately, this Monday was also not a good day for other semiconductor stocks with Advanced Micro Devices falling 4.2% and Lam Research slipping by 3%.
New York Community Bancorp also had some hard knocks with shares falling 4.8%, following a steep decline of over 6% last Friday. This volatility came in the wake of a billion-dollar capital increase last week.
On a brighter note, crypto stocks enjoyed a boost as bitcoin reached another record height. Consequently, crypto exchange Coinbase gained an impressive 4%. Bitcoin advocate Microstrategy also saw a 14% leap following their recent acquisition of approximately 12,000 bitcoins, an investment worth in excess of $821 million.
Moderna was also on the winning side with an 8% surge, marking its most substantial single-day growth since December, and solidifying its top spot in the SPDR S&P Biotech ETF (XBI) ETF.
Xcel Energy also had reason to celebrate with a 3.7% rise following Barclays’ upgrade of the natural gas company to ‘overweight’, citing Xcel Energy’s attractive discount.
Duolingo saw a 3.6% rise after JPMorgan kick-started its coverage of the e-learning platform with an optimistic ‘overweight’ rating, predicting a substantial increase in Duolingo’s valuation driven by premium revenue growth.
PDD Holdings, a Chinese e-commerce company, experienced a near 3% increase after a buy rating from Jefferies, as the firm dismissed geopolitical risk in the wake of the company’s share sell-off this year.
Despite revealing plans to increase its quarterly dividend by 25% to 40 cents per share, Applied Materials saw a 2.3% slump in the chip stock.
Eli Lilly didn’t have a great start to the week with a 4% drop, despite being one of this year’s star performers, thanks mainly to its weight loss medication.
