Stocks making biggest moves midday: Nvidia, Boeing, Dollar Tree

Nvidia’s A100 GPU, used to train ChatGPT and other generative AI, is shown at the demo center of Nvidia’s headquarters in Santa Clara, California, Feb. 9, 2023.

Katie Tarasov

Check out the companies making headlines in midday trading.

Nvidia — The chipmaker’s stock climbed more than 1% to a record high after the company reported a beat on the top and bottom lines. The strong performance was driven by its data center business, which includes the A100 and H100 AI chips needed to build and run artificial intelligence application. Nvidia also offered strong guidance amid a surge in demand for chips, suggesting sales in the current quarter will grow 170% from the year-earlier period.

AMD, Marvell Technology — Both semiconductor stocks were lower as Nvidia’s earnings momentum fizzled. Shares of AMD slipped nearly 5%, while Marvell pulled back 4%.

Boeing — Shares of the aerospace company shed nearly 3% after Boeing said deliveries of the 737 Max will be delayed after it discovered new manufacturing flaws. Fastener holes on the aft pressure bulkhead on some of the plans were improperly drilled, the company said. Spirit AeroSystems, which builds the fuselages, dropped 16.5%.

Dollar Tree — The discount retailer declined 2% after issuing lower-than-expected third-quarter guidance. The company said it expects between 94 cents per share and $1.04, while analysts polled by Refinitiv had expected $1.27 going forward.

Discover Financial Services — Shares climbed 2% after an upgrade to outperform from Wolfe, which said the company’s “recent underperformance fueled by internal control and risk management deficiencies” could spur a buying opportunity for investors.

Splunk — The cloud stock climbed 13.6% after the company beat Wall Street expectations for second-quarter earnings and raised its guidance. Bank of America reiterated its buy and top-pick ratings on the stock following the report.

Autodesk — Shares added 3.1% after Autodesk reported an earnings beat and higher forward guidance. Autodesk notched an adjusted $1.91 per share and $1.35 billion in revenue, against Refinitiv analyst estimates of $1.73 per share and $1.32 billion in revenue.

Snowflake — Snowflake dipped more than 5% in midday trading even after reporting an earnings beat. The company reported an adjusted 22 cents per share coupled with $674 million in revenue, while analysts polled by Refinitiv forecast 10 cents and $662 million.

Guess — The apparel company soared more than 28% after reporting an earnings beat, highlighted by an adjusted 72 cents per share and revenue of $664.5 million.

— CNBC’s Alex Harring, Yun Li and Michelle Fox contributed reporting.

Correction: Dollar Tree issued weaker-than-expected third-quarter guidance. A previous version misstated the name.

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