Stocks making the biggest moves midday: Pinterest, Carnival, General Mills, Netflix and more
These are some of the stocks posting the largest midday moves
Check out the companies making the biggest moves midday.
Pinterest — Shares climbed more than 5% in midday trading. Wells Fargo upgraded Pinterest to overweight due to an Amazon partnership expected to take hold later this year and optimism that Pinterest can continue to boost user engagement.
Cruise stocks — Carnival popped nearly 10%, Norwegian Cruise Line gained about 9% and Royal Caribbean added more than 3%, extending gains from Tuesday after Carnival reported a smaller-than-expected loss for its second quarter and issued strong guidance. The sector has been on a tear this year as it recovers from the Covid-19 pandemic.
General Mills — Shares tumbled 4.4% after the maker of Betty Crocker mixes and Cheerios cereal turned in a mixed earnings report for its fiscal fourth quarter. The company exceeded Wall Street expectations on earnings, posting $1.12 in adjusted earnings per share against a consensus estimate of $1.07 from analysts polled by Refinitiv. But $5.03 billion in revenue missed analysts' forecast of $5.17 billion.
Chip stocks — Shares of Nvidia slipped less than 1% and Advanced Micro Devices added less than 1%, paring earlier losses, following a Wall Street Journal report that the U.S. is weighing new restrictions on artificial intelligence chip stocks sold to China.
Netflix — The streaming giant jumped 4.3% after Oppenheimer raised its price target to $500 per share from $450. The Wall Street firm said it anticipated more subscribers and the potential discontinuation of its lowest-priced, ad-free plan, which is being tested in Canada.
Joby Aviation — Shares soared nearly 41% after the company announced it received a permit to begin flight testing its first electric vertical takeoff and landing vehicle (eVTOL).
AeroVironment — Shares added 3.3% after the military drone maker reported revenue of $186 million after the market close Tuesday, topping analysts' projection of $164 million, according to consensus estimates from Refinitiv. AeroVironment also said it anticipates full-year revenue of $630 million to $660 million, beating the $600 million expected by analysts.
ZoomInfo — The software stock rose more than 6% after Needham initiated coverage of ZoomInfo with a buy rating. Needham said in a note to clients that ZoomInfo has "best in class unit economics." ZoomInfo also received positive coverage from Morgan Stanley, which reiterated an overweight rating on the stock.
Snowflake — Shares added 5.5% after the data cloud company reiterated its full-year guidance during an investor day Tuesday. Goldman Sachs reiterated its buy rating on Snowflake after the event and Morgan Stanley maintained an overweight recommendation.
Circor International — The maker of flow control products for industrial and aerospace and defense markets users rallied 4% following a Reuters report that private equity firm Arcline has offered $57 per share, topping a rival bid from KKR.
First Citizens BancShares — The regional bank was up 2.3% in midday trading. Atlantic Equities initiated coverage of the North Carolina bank Wednesday with an overweight rating and $1,775 per share price target, which suggests nearly 50% upside from Tuesday's close.
— CNBC's Alex Harring, Brian Evans, Jesse Pound and Michael Bloom contributed reporting.
This story originally appeared on: CNBC - Author:Michelle Fox
