Midday Stock Market Highlights: Key Movements and Trends
The midday trading session has brought significant shifts in stock prices across various sectors. Below, we summarize the notable developments affecting major companies today.
Nvidia Surges Following Major AI Deal
Nvidia has seen its shares rise by 5.63% after announcing plans to supply over 18,000 of its artificial intelligence chips to Saudi Arabia’s Humain. These chips will be utilized in a new 500-megawatt data center.
UnitedHealth Group Faces Setback
Shares of UnitedHealth Group have plummeted by 17.79%, reflecting concerns surrounding CEO Andrew Witty’s resignation for “personal reasons.” Additionally, the company has withdrawn its 2025 outlook due to escalating medical costs, negatively impacting other insurers in the sector.
Coinbase Sees Dramatic Upswing
Coinbase’s stock surged 23.97% after it was announced that the company will be added to the S&P 500 index, with trading expected to commence on May 19. This change comes as Coinbase replaces Discover Financial Services within the benchmark index.
Boeing’s Stock Climbs on Delivery News
Boeing shares increased by 2.46% following reports that China is lifting its ban on Boeing deliveries. The company also reported the delivery of 45 commercial jets in April, nearly doubling last year’s figures for the same month.
Positive Earnings Boosts On Holding
On Holding, known for its Swiss-made sneakers, saw a stock price increase of 11.83% after reporting quarterly earnings and revenues that exceeded expectations.
First Solar Rises on Upgrade
First Solar’s stock soared by 22.66% after Wolfe Research upgraded its rating from peer perform to outperform. Analysts highlighted the positive outlook regarding potential earnings of up to $10 billion facilitated by the 45X tax credits for clean energy production.
Hertz Global Holdings Reports Disappointing Results
Conversely, Hertz Global Holdings experienced a decline of 16.93% as first-quarter results fell short of analysts’ expectations. The company reported an adjusted loss of $1.12 per share, missing forecasts that estimated a loss of 97 cents.
Rigetti Computing’s Revenue Miss Sinks Stock
Rigetti Computing’s stock dropped by 14.59% despite better-than-anticipated earnings. The company’s reported revenue of $1.5 million fell significantly short of the $2.6 million projected by analysts.
Intuitive Machines Boosted by Operating Income
Intuitive Machines saw its shares rise by 22.42% following a first-quarter operating income that exceeded market expectations, despite a revenue miss.
Caterpillar Gains from Analyst Upgrade
Caterpillar’s stock advanced by 2.92% after an upgrade from Baird to outperform. Analysts indicated that easing tariffs could promote significant growth for the firm.
Valero Energy and Calumet Stock Increases
- Valero Energy: Gained 3.54% after an upgrade to buy from neutral by Goldman Sachs, who cited favorable supply and demand dynamics.
- Calumet Specialty Products: Rose 6.71% following a buy rating initiation by Bank of America, projecting substantial upside due to growth in its biofuels segment.
Sea Limited Reports Positive EBITDA
Lastly, Sea Limited’s stock increased by 8.2% as the company reported adjusted EBITDA of $946.5 million for its first quarter, surpassing consensus estimates while revenue fell short.
These developments underscore the volatility and dynamic nature of the stock market as companies navigate varying challenges and opportunities.