An exterior view of the Nvidia headquarters in Santa Clara, California, May 30, 2023.
Justin Sullivan | Getty Images
Explore the latest market movers during midday trading.
Palo Alto Networks soared by 15.2% as the security software provider surpassed earnings expectations in their latest report. Goldman Sachs reconfirmed the stock as a buy after the announcement.
Earthstone Energy, Permian Resources received a 13% boost as Permian Resources announced their acquisition of the oil and gas company in an all-stock transaction valued at approximately $4.5 billion, including debt. Permian’s shares remained stable.
Nvidia experienced a 4.7% surge after HSBC reiterated its buy rating and raised the target price for the chipmaker. Baird also named Nvidia as a top pick. The company is set to release its earnings report on Wednesday after the market closes.
Napco Security Technologies tumbled by 41% after revealing that an audit had identified errors in their recent financial statements, which overestimated gross profit, operating income, and net income.
Xpeng surged by 9.8% following Bank of America’s upgrade from neutral to buy. The firm predicts improvements for Xpeng in the Chinese market due to its partnership with Volkswagen and enhanced cost structure.
Tesla recovered by 5.1% after experiencing an 11% decline last week due to news of price cuts in China.
VMware, Broadcom saw a climb of 4.2% and 2.3%, respectively. Broadcom has obtained final transaction approval from the U.K.’s Competition and Markets Authority for its acquisition of the cloud computing company and anticipates receiving other necessary regulatory approvals by October 30th.
Farfetch observed a more than 5% surge in its shares on Monday. The e-commerce fashion company’s stock had plummeted more than 45% during Friday’s trading session after reporting lower-than-expected revenue in the previous quarter. Farfetch’s full-year revenue guidance also fell below analysts’ projections.
Acushnet Holdings gained 3.3% following Jefferies’ upgrade from hold to buy. The golf equipment manufacturer and owner of Titleist is expected to defend its leading position while expanding margins and growth.
— Reporting by Sarah Min, Hakyung Kim, and Samantha Subin for CNBC.
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