Tesla, Nvidia, Lululemon and more

Hong Kong, China, 13 Sept 2022, A red Tesla automobile passes in front of a Tesla dealership in Wanchai. (Photo by Marc Fernandes/NurPhoto via Getty Images)

Nurphoto | Nurphoto | Getty Images

Try the businesses making headlines in midday trading.

Tesla – Shares of Tesla rose 5.93% Monday after CEO Elon Musk’s attorneys on Saturday asked a California court to maneuver a trial over the corporate stock to Texas, citing local negativity.

Advanced Micro Devices – The chip giant jumped 5.13% as semiconductor stocks led the Monday’s rally. The advanced pushed the stock above its 50-day moving average. Wells Fargo named AMD a top pick within the semi sector Monday.

Nvidia – The chip stock rallied 5.18% in midday trading. Earlier within the day, Nvidia was named a top pick for 2023 by Wells Fargo analysts, who said they see a positive data center product cycle materializing through the top of the yr.

Regeneron – Regeneron slipped 7.69% after the pharmaceutical company said that sales of its Eylea drug were negatively impacted in the ultimate quarter of 2022 by a shift to an off-label competitor.

Lululemon – The athleisure stock fell 9.29% after Lululemon’s modified its guidance to point out that it expects shrinking gross margins for the fourth quarter. The corporate did say it expects net revenue to be higher than its previous guidance range.

Zillow — Shares of the actual estate marketplace company gained 8% after Bank of America double upgraded the stock to purchase and said they may rise 20% from Friday’s close, citing its improved growth outlook despite a difficult macroeconomic environment.

Uber – Uber shares gained 3.79% on an upgrade from Piper Sandler to obese from a neutral rating. The firm said that rising inflation and automobile prices should boost desire for ride sharing.

Hologic – Shares gained 2.5% after the ladies’s diagnostics provider reported fiscal first-quarter revenue of $1.07 billion, topping its most up-to-date guidance of $940 million to $990 million. That revenue also topped Wall Street expectations.

Duck Creek – Duck Creek surged 46.5% after it said that Vista Equity Partners will take the insurance intelligence solutions provider private for $19 a share.

Energy stocks – Rising energy and natural gas prices boosted shares of EQT Corp by 3.9%, in addition to Marathon Oil and Halliburton, which gained 1.6% and 0.6%, respectively.

Ceridian HCM — Ceridian HCM shares rose 3.15%. MoffettNathanson initiated coverage of the human resources software provider with a market perform rating, saying shares have 12% upside to the firm’s $68 price goal.

Monolithic Power Systems – Shares of Monolithic Power Systems gained 4.36% amid the semiconductor rally, following shares of Nvidia and Advanced Micro Devices.

Baxter International – Health care company Baxter International slipped 7.74%, hitting a 52-week low, after it announced it’ll restructure and spin off its kidney care business.

Oracle – Oracle advanced 1.27% after Piper Sandler upgraded the stock to obese from neutral, noting a years-long period of low growth may very well be ending.

Goldman Sachs – Shares gained 1.41% following reports that the banking giant is shedding 3,200 employees, or 6.5% of the workforce it had in October. That’s fewer than the 8% reported last month.

Teladoc – Shares of Teladoc jumped 4.13% after the corporate announced that its revenue within the fourth quarter of 2022 exceeded analyst expectations – it’s slated to report in a narrower range of $633 million to $640 million above consensus of $631 million.

— CNBC’s Samantha Subin, Alex Harring, Sarah Min, Jesse Pound, Yun Li, Michelle Fox and Tanaya Macheel contributed reporting

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