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Midday movers: Nvidia erases gain; Carvana and Block rise

Published 02/23/2024, 08:00 AM
Updated 02/23/2024, 11:13 AM
© Reuters

(Updated - February 23, 2024 11:10 AM EST) -- Main U.S. indexes consolidated Friday, trading in tight ranges after the previous session’s dramatic Nvidia’s inspired rally.

Here are some of the biggest U.S. stock movers today:

Nvidia (NASDAQ:NVDA) stock rose as much as 4.9% with the artificial intelligence chip designer continuing to see demand after adding a staggering $277 billion in market capitalization on Thursday, setting a record for the biggest one-day jump in history. Shares reversed course midday, falling about 1%.

Warner Bros Discovery (NASDAQ:WBD) stock fell 12% after the media giant reported fourth-quarter revenue that was below average forecasts, but said it is now on a "clear pathway" to growth.

Carvana (CVNA) stock soared 33% after the used car company forecast core earnings well above $100 million in the first quarter.

Block (SQ) stock rose 16% after the payments firm beat quarterly revenue estimates and hiked its annual operating profit outlook.

Intuitive Machines (LUNR) soared over 20% after the aerospace firm’s Odysseus lunar lander successfully touched down on the moon, becoming the first private craft to do so and the first U.S. craft on the moon since 1972.

Rivian (NASDAQ:RIVN) stock fell 11%, continuing the previous session’s sharp drop after UBS downgraded its investment stance on the electric truck maker all the way to ‘sell’ from ‘buy’, citing a "rapidly changing EV backdrop."

DraftKings (NASDAQ:DKNG) stock rose 2.9% after Barclays upgraded the betting company to ‘overweight’ from ‘equal weight’, recognizing the significant growth potential in the U.S. digital gaming market.

Grab (GRAB) stock declined 1.9% after the food delivery company reported its first quarterly profit and unveiled a maiden share repurchase program.

Super Micro Computer (NASDAQ:SMCI) stock fell 14% after the information technology company announced pricing of $1.5 billion convertible senior notes.

MercadoLibre (NASDAQ:MELI) declined 12.5% after one time charges impacted the Latin American e-commerce platform’s results.

Nu Holdings (NU) declined 4% after the Brazilian financial technology company reported net income that was below consensus.

Penumbra, Inc. (NYSE:PEN) declined 5% after the medical device maker’s revenue guidance misses estimates, prompting a downgrade from JPMorgan.

Additional reporting by Louis Juricic

Latest comments

Where is ROOT?
$ROOT company is in Columbus, OH
We are in a real bubble
so make a profit.-)
The FED must start thinking about raise rates further to stop this madness.. One single company valuation raises 300 billion in one day, insane
now $300 billion gone lol
The Fed did "start thinking about raise rates further".  Then they realized they had better things to think about.
 "$300 billion gone"?!   NVDA never went near back down to $670/shr since after earnings.
It spirals out of control
Pre-market FRAUD fittingly underway.  I mean, what better a time to load up on the most criminally overvalued stocks in history than at a record high on a Friday?  Assume the proper position for the weekend America.
"what better a time to load up "?  Record highs are followed by new record highs.  When was the last time market had a record low?
It's good to see the markets not freaking out over nothing for a change (like interest rates NOT going down).
Distracted by Nvidia and Super Micro Comp.
The plot is set perfectly, can't wait to see the past events to occur once again, let's get the short button ready
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