Nvidia, First Republic, Nike, GameStop, And More Stocks Make Big Moves Midday

‍Nvidia

Despite gaining nearly three percent during the early hours of the trading session, Nvidia's shares still managed to rise nearly three percent. Following the company's developer conference on Tuesday, analysts lauded the company's leadership role in artificial intelligence. New products and partnerships were unveiled by the chipmaker, boosting confidence in its capabilities.

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First Republic Bank

In midday trading on Wednesday, regional bank shares were down 4.5% on the day in response to massive deposit outflows after Silicon Valley Bank collapsed, according to analysts at Citigroup. The bank is exploring different strategic options, including a possible sale.

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Nike

While the company beat Wall Street's earnings and revenue estimates for the holiday quarter, its shares fell 2% even though they outperformed Wall Street's expectations. In spite of the fact that Nike is experiencing an inventory shortage, and a weak China sales market, it said that because of the fears about the economy and consumers, it is taking a “cautious approach” to planning.

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GameStop

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It was a 36% increase in the meme stock after the gaming retailer posted a profit for the first time in two years and reported that inventories and costs had been lower than a year earlier. It has not been possible for GameStop to provide any financial guidance since the beginning of the pandemic. Because too few analysts have been covering the company, the results are difficult to compare with Wall Street expectations.

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PacWest 

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As a result of the bank's announcement that it won't be seeking a capital raise at the moment, and that it is enjoying a high level of liquidity and stable balances of its deposits, PacWest's shares dropped 10% today.

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Charles Schwab

In response to Barclays downgrading its price target for Charles Schwab's stock to $61 from $79, the company had seen its shares fall 4% in the aftermath of the collapse of Silicon Valley Bank which had ripple effects on the company's profitability.

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Petco Health and Wellness

Announcing earnings results today, the company reported adjusted earnings of 23 cents per share, which was one cent higher than what analysts expected based on FactSet's polling of analysts. Revenue came in at $1.58 billion, which was in line with expectations. Shares of the company fell by 13% after the results were announced.

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Boeing

As a result of a supplier quality issue with the center fuel tank of Boeing's KC-46 tanker program, Boeing's shares dropped 2% amid the news that it would be taking additional charges with respect to the program.

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Luminar Technologies

In a report published Friday, Goldman Sachs said it has lowered the share price of self-driving car software company Nuance Communications from neutral to sell, a downgrade that sparked shares to fall 11% from Tuesday's close.

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Krispy Kreme

In addition to earlier gains, shares of Krispy Kreme rose 7% after Truist upgraded the stock to buy from hold, with a price target set at $20 per share. The doughnut maker's share price soared after Truist upgraded its stock to buy from hold. According to the firm, “meaningful volume growth” is expected, as well as potential foreign exchange gains and future in-store boosts from McDonald's partnering with the firm.

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Virgin Orbit

According to reports from the company's press releases, shares have soared by nearly 53% on news that they have agreed with a deal with Texas-based venture capital investor Matthew Brown to raise $200 million in funds, which amounts to an investment of $200 million. According to Trade Algo, the parties expect to close the deal by Thursday.

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Ollie’s Bargain Outlet

The share price of Ollie's Bargain Outlet rose by almost 8% after the company's preliminary results in the fourth quarter rose well above analysts' expectations on the top and bottom lines. The company achieved earnings per share of 84 cents on $549.8 million in revenue.