Notable midday stock movers include Pinterest, Carnival, General Mills, Netflix, and others

Pinterest’s shares surged by 6.59% following an upgrade to overweight by Wells Fargo. The upgrade was influenced by an anticipated partnership with Amazon and positive outlook on Pinterest’s ability to enhance user engagement.

Carnival’s stock surged by 8.81%, while Norwegian Cruise Line saw a gain of 7.55% and Royal Caribbean added 1.68%. These gains continued from Tuesday’s positive momentum, which followed Carnival’s better-than-expected loss for the second quarter and strong guidance. The cruise sector has been experiencing significant growth this year as it recovers from the impact of the Covid-19 pandemic.

General Mills’ stock experienced a decline of 5.17% following the release of its fiscal fourth-quarter earnings report.

While the company surpassed Wall Street’s earnings expectations, with adjusted earnings per share of $1.12 compared to the consensus estimate of $1.07, its revenue of $5.03 billion fell short of analysts’ forecast of $5.17 billion. This mixed performance contributed to the decline in General Mills’ shares.

Nvidia’s stock experienced a decline of 1.81% while Advanced Micro Devices (AMD) saw a slight decrease of 0.2%. These losses were partially recovered after earlier declines, which were prompted by a Wall Street Journal report stating that the United States is considering imposing new restrictions on the sale of artificial intelligence chips to China.

The chip stocks’ performance was influenced by the potential impact of these potential restrictions.

Netflix experienced a significant increase of 3.06% as Oppenheimer raised its price target for the company’s shares from $450 to $500. The Wall Street firm expressed optimism about the potential growth in subscriber numbers and the possibility of discontinuing the lowest-priced, ad-free plan, currently being tested in Canada. This positive outlook contributed to the rise in Netflix’s stock value.

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Joby Aviation witnessed a remarkable surge of 40.22% in its shares following the announcement of receiving a permit to commence flight testing of its inaugural electric vertical takeoff and landing vehicle (eVTOL). This significant development propelled investor confidence and contributed to the substantial increase in Joby Aviation’s stock value.

AeroVironment experienced a 4.86% increase in its shares as the military drone manufacturer announced better-than-expected revenue of $186 million, surpassing analysts’ projections of $164 million.

The company also provided an optimistic outlook, anticipating full-year revenue in the range of $630 million to $660 million, surpassing analysts’ expectations of $600 million. This positive financial performance further fueled investor confidence and contributed to the rise in AeroVironment’s stock value.

ZoomInfo, the software stock, experienced a 6.09% increase after receiving positive coverage from Needham, which initiated coverage with a buy rating. Needham highlighted ZoomInfo’s exceptional unit economics in a note to clients.

Additionally, Morgan Stanley reiterated an overweight rating on the stock, further boosting investor confidence in ZoomInfo. These favorable assessments contributed to the rise in ZoomInfo’s stock value.

Snowflake, the data cloud company, saw a 3.86% increase in its shares following its investor day, where it reaffirmed its full-year guidance. This positive update prompted Goldman Sachs to reiterate its buy rating on Snowflake, while Morgan Stanley maintained its overweight recommendation. The market responded favorably to this news, driving the increase in Snowflake’s stock value.

Circor International, a manufacturer of flow control products for industrial, aerospace, and defense markets, experienced a 4.25% rally in its stock price. This surge followed a Reuters report stating that private equity firm Arcline had made a superior offer of $57 per share, surpassing a competing bid from KKR. The market responded positively to this news, driving up Circor International’s stock value.

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First Citizens BancShares, a regional bank, saw a 0.4% increase in its stock value. This uptick came after Atlantic Equities initiated coverage of the North Carolina-based bank with an overweight rating and set a price target of $1,775 per share.

The target price indicates a potential upside of nearly 50% from the previous day’s closing price. Investors responded positively to this coverage initiation, contributing to the bank’s stock performance.

Source : cnbc.com

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