Midday Market Movers: Tesla, Nvidia, Lululemon and More

Tesla shares rose 8% on Monday after CEO Elon Musk's attorneys asked a California court to move a trial over the company stock to Texas. The attorneys cited local negativity as the reason for the request.

Advanced Micro Devices (AMD) stock surged 7.7% on Monday, leading the rally in semiconductor stocks. The move pushed the stock above its 50-day moving average. Wells Fargo named AMD a top pick in the semiconductor sector on Monday.

Nvidia's stock shot up 7.6% in midday trading after Wells Fargo analysts named the company a top pick for 2023. The analysts said they see a positive data center product cycle materializing through the end of the year.

Regeneron shares fell 5% after the company said sales of its Eylea drug were negatively impacted in the final quarter of 2022 by a shift to an off-label competitor.

Lululemon's stock fell more than 8% after the company changed its guidance to show that it expects shrinking gross margins for the fourth quarter. Although net revenue is expected to be higher than the previous guidance range, this was not enough to offset investors' concerns about margins.

Zillow's stock shot up nearly 10% after Bank of America issued a rare double upgrade, saying the company's improved growth outlook could push its share price up 20% from Friday's close. The rosy forecast comes despite a challenging macroeconomic environment.

Uber shares rose 5.2% after Piper Sandler upgraded the stock to "overweight" from "neutral." The firm said that rising inflation and car prices should boost demand for ride sharing.

Hologic's shares rose by nearly 4% after the company announced its fiscal first-quarter revenue, which came in at $1.07 billion. This was higher than its previous guidance of $940 million to $990 million, and also beat analysts' expectations.

Duck Creek Technologies surged 47% after announcing that Vista Equity Partners will take the company private for $19 per share. Duck Creek provides insurance intelligence solutions and is headquartered in Boston, MA.

Energy stocks were up today on news of rising energy and natural gas prices. EQT Corp was up 5.2%, while Marathon Oil and Halliburton gained 2% and nearly 1%, respectively.

Ceridian HCM shares rose 5% after MoffettNathanson initiated coverage of the human resources software provider. The firm gave Ceridian a market perform rating, saying shares have 12% upside to the firm’s $68 price target.

Monolithic Power Systems shares rose 6.4% in trading today, following gains in shares of Nvidia and Advanced Micro Devices. The rally in semiconductor stocks helped lift Monolithic Power Systems shares higher.

Baxter International, a health care company, announced that it will restructure and spin off its kidney care business. This news caused the company's stock to slip 7.4%, hitting a 52-week low.

Oracle stock advanced 2.6% after Piper Sandler upgraded it to overweight from neutral. The firm noted that a years-long period of low growth could be coming to an end.

Goldman Sachs shares rose 2% after reports that the bank was cutting 3,200 jobs, or 6.5% of its workforce. That is fewer than the 8% reported last month.

Teladoc's stock rose 6.4% after the company announced that its revenue for the fourth quarter of 2022 surpassed analyst expectations. Teladoc is now expected to report revenue in a range of $633 million to $640 million, up from the previous consensus estimate of $631 million.