Check out the companies making headlines in midday trading.
Carvana – The used car retailer saw shares surge 28% after the company said it expects to achieve positive adjusted profit during the second quarter of this year, which would be earlier than it previously stated. Carvana posted a smaller-than-expected loss Thursday, according to Refinitiv. The company has been working to reduce costs, narrow losses and increase profits per vehicle after its stock fell about 98% in 2022.
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Apple – The tech giant advanced more than 4%. On Thursday, Apple reported better-than-expected earnings and revenue for its fiscal second quarter, according to Refinitiv, driven by stronger-than-anticipated iPhones sales. The company also flagged strength in emerging markets and improved supply.
Lyft – Stock in the rideshare giant fell 21% on Friday, after reporting quarterly results a day earlier. Weak forward guidance drove the stock lower and stoked investor worry. The company beat expectations on revenue.
Coinbase – Shares of the cryptocurrency platform rose 17% after Wedbush reiterated an outperform rating on the stock earlier on Friday. The company reported beats on quarterly results a day earlier, with a smaller-than-expected loss of 34 cents per share.
Nvidia – Shares of Nvidia jumped 3%. The action came after a Microsoft spokesperson denied in a Bloomberg report that AMD is part of its Athena artificial intelligence chip project.
VF Corp – The North Face and Vans parent rose 4%. Wells Fargo upgraded the stock to equal weight from underweight, saying green shoots for Vans were becoming harder to ignore.
Tesla, Lucid – Both electric vehicle makers were higher in midday trading, with Tesla gaining 4% and Lucid adding 5%. Tesla, meanwhile, hiked prices for two high-end vehicles in China earlier on Friday. Lucid is set to report quarterly results on May 8, and analysts polled by FactSet forecast a loss of 39 cents per share.
Affirm – The installment payments company added 16% Friday. Affirm will report quarterly earnings on May 9, and analysts expect the company will post a loss of 85 cents per share, according to FactSet.
PacWest, Western Alliance, Zions Bancorp -- Regional bank stocks rebounded on Friday, clawing back some of the group's losses from earlier in the week. Shares of PacWest jumped more than 70%. Western Alliance gained 45% after being upgraded by JPMorgan. Zions Bancorp and Comerica were also upgraded by JPMorgan, climbing 21% and 17%, respectively.
— CNBC's Jesse Pound, Alex Harring, Tanaya Macheel and Michelle Fox Theobald contributed reporting
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May 06, 2023 at 12:05AM
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Stocks making the biggest moves midday: Apple, Lyft, Carvana, VF Corp and more - CNBC
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