F, MRVL, PARA, GPS and more
A Ford F-150 Lightning Platinum electric truck at the 2022 New York International Auto Show (NYIAS) in New York City.
Michael Nagle | Bloomberg | Getty Images
Check out the companies making the biggest moves Friday noon:
Ford – Shares jumped about 7% after Ford and Tesla announced a partnership late Thursday that will give Ford owners access to more than 12,000 Tesla Superchargers in the United States and Canada. Tesla stock gained 5%.
Marvell Technology — Semiconductor stock rose 28% after the company’s earnings beat analysts’ expectations. Marvell Technology also expects revenue growth to accelerate in the second half of the fiscal year, with CEO Matt Murphy citing AI as a “key growth driver.”
Ulta Beauty – The beauty retailer’s shares fell more than 12% after the company’s first-quarter results were announced. Despite reporting an earnings and revenue overrun, shares fell on the company’s reduced operating margin outlook for the full year.
Paramount – Shares of the media company rose more than 5% after National Amusements, Paramount’s majority voting shareholder, announced a $125 million preferred stock investment by BDT Capital Partners. Loop Capital upgraded Paramount to a holding rating after selling in light of the news. The Wall Street firm said the bullish case is that financial pressure will force Paramount to find a buyer and shareholders will hit private market value.
Gap – Shares of the clothing retailer jumped 11% even after the company posted net losses and lower sales on Thursday for its latest quarter. Investors applauded Gap’s big improvement in its margins, which it attributed to reduced promotions and lower air freight spending.
Workday — The stock rebounded more than 11.1% after its first-quarter earnings and revenue beat analysts’ expectations. Workday also raised the bottom of its full-year subscription revenue forecast and named a new chief financial officer, Zane Rowe.
RH – Shares fell about 3.7% after the retailer’s second-quarter forecast missed analysts’ expectations. The company also warned of an increase in markdowns. However, RH beat Refinitiv’s first-quarter adjusted earnings per share and revenue estimates when it reported results after Thursday’s close.
Deckers Outdoor – Deckers Outdoor jumped 2.3% after the footwear company behind Ugg and Hoka shoes reported fiscal fourth-quarter results that beat analysts’ expectations. However, he gave full-year profit and revenue forecasts that fell short of expectations.
American Express – Shares added more than 3% in midday trading. On Friday, Morgan Stanley said the recent selloff was “overdone” and with the stock price at its lowest level in years, it’s a good entry point for investors.
Nvidia – The semi-stock added 1.7%, a day after jumping 24% following the AI darling’s exploding earnings report. Friday’s rise brings Nvidia closer to reaching a market capitalization of $1 trillion.
Monolithic Power Systems – The stock was among those benefiting from Nvidia’s earnings report and AI enthusiasm. Monolithic Power Systems rose 6.7%, while Arista Networks gained 8.1%. Broadcom rose 7%, NXP Semiconductors gained 4.4% and Adobe also rose 4.4%.
– CNBC’s Hakyung Kim, Yun Li, Tanaya Macheel and Sarah Min contributed reporting.