May 28, 2023

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F, MRVL, PARA, GPS and more

Ford F-150 Lightning Platinum electric truck during the 2022 New York International Auto Show (NYIAS) in New York.

Michael Nagel | bloomberg | Getty Images

Check out the companies making the biggest moves midday Friday:

Ford – Shares rose 7% after Ford and Tesla announced a partnership late Thursday that will give Ford owners access to more than 12,000 Tesla Superchargers in the United States and Canada. Tesla stock gained 5%.

Marvell Technology Semiconductor stock rose 28% after the company’s earnings beat analyst expectations. Marvell Technology also expects revenue growth to accelerate in the second half of the fiscal year, with CEO Matt Murphy citing artificial intelligence as a “major growth driver.”

Ulta Beauty — Shares of the cosmetics store fell more than 12% after the company announced first-quarter earnings. Despite reporting earnings and revenue outperformances, the shares were held back by the company’s lower operating margin outlook for the full year.

Paramount — Shares of the media company gained more than 5% after National Amusements, Paramount’s majority voting shareholder, Announced $125 million Preferred Equity Investment by BDT Capital Partners. Loop Capital upgraded Paramount to a suspended rating from sale in light of the news. The upside, the Wall Street firm said, is that financial pressure will force Paramount to find a buyer and shareholders will realize private market value.

The Gap — Shares of the apparel retailer jumped 11% even after the company reported a net loss and sales fell Thursday from its most recent quarter. Gap’s significant improvement in its profit margins was welcomed by investors, which it attributed to reduced promotions and lower air freight costs.

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Business Day — The stock rose more than 11.1% after its first-quarter earnings and revenue beat analyst expectations. Workday also raised the minimum subscription revenue guidance for the full year and appointed new Chief Financial Officer Zane Rowe.

RH – Shares fell about 3.7% after the retailer’s second-quarter guidance missed analysts’ expectations. The company also warned of an increase in writedowns. However, RH beat estimates of first-quarter adjusted earnings and revenue per share, per Refinitiv, when it announced results after Thursday’s close.

Deckers Outdoor – Deckers Outdoor rose 2.3% after the shoe company behind Ugg and Hoka shoes reported financial fourth-quarter results that beat analyst expectations. However, it gave lower-than-expected full-year earnings and guidance.

American Express – Shares added more than 3% at midday. On Friday, Morgan Stanley said the recent sell-off was “overdone” and with shares trading at their lowest level in years, it is a good entry point for investors.

Nvidia — The stock added a semi-1.7%, a day after it soared 24% on the back of AI’s darling earnings report. The move higher on Friday brings Nvidia closer to reaching a $1 trillion market cap.

Homogenous Power Systems — The stock was among those who got a boost from Nvidia’s earnings report and excitement around artificial intelligence. Monolithic Power Systems rose 6.7%, while Arista Networks rose 8.1%. Broadcom rose 7%, NXP Semiconductors added 4.4%, and Adobe also gained 4.4%.

— CNBC’s Hakyung Kim, Yun Li, Tanaya Macheel, and Sarah Min contributed to the report.