Stocks making the biggest moves midday: Victoria’s Secret, Novo Nordisk, Intel, Shake Shack and more
March 07, 2024 at 1:27 pm - by Editor Prism MarketView
Take a look at the firms that are making waves in midday trading!
- A significant 36% drop in shares was seen from this lingerie retailer following mixed fourth-quarter results and let-down forecasts. Victoria’s Secret has unfortunately predicted a larger decrease in revenues than initially thought for the upcoming quarter and the year as a whole.
- With almost a 10% increase in stock, this company attained record highs on the back of upbeat Phase I trial results for their innovative weight loss drug, amycretin.
- Enjoying a 2% leap in shares, American Eagle Outfitters exceeded expectations on both top and bottom line results. Reporting an adjusted income of 61 cents per share and total revenue of $1.68 billion in its fiscal fourth quarter, this beat the LSEG’s analysts’ predictions.
- With shares boosting by 4%, a rating upgrade from TD Cowen (from market perform to outperform) came thanks to Shake Shack’s inspiring “margin expansion strategy.”
- This supermarket chain celebrated an 8.7% growth in shares after surpassing predictions for fourth-quarter earnings. Reporting adjusted earnings of $1.34 per share, this beat the LSEG analysts’ estimate, even though revenue fell slightly short of expectations.
- Enjoying a 5% increase in stock following a fourth-quarter beat on adjusted earnings per share and revenue, Burlington’s full-year earnings guidance at the upper end along with revenue growth predictions also surpassed analysts’ forecasts.
- This green energy company’s share price rocketed by 12.5% after the Spanish utility company Iberdrola proposed a bid to acquire Avangrid and take it private. Iberdrola already controls approximately 81.6% of Avangrid’s issued and outstanding shares.
- Announcing a capital injection of over $1 billion from Liberty Strategic Capital, the regional bank’s stock climbed by 6.5%. This comes despite a 7% drop in bank deposits month-over-month, sitting at $77.2 billion as of March 5.
Semiconductors – Shares in chip stocks broadly increased, the VanEck Semiconductor ETF (SMH) climbing 3.3%. Nvidia shares expanded by more than 3% following Mizuho’s statement that the stock could rise to $1,000. Micron Technology also saw its shares rise by over 3% after Stifel upgraded the stock from hold to buy, increasing its price target. Intel shares leaped 3.9% on the back of a Bloomberg report which stated that the U.S. government may invest $3.5 billion into the company to manufacture advanced chips for the military.
