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Top Movers of the Day

AInvestFriday, Mar 8, 2024 5:54 pm ET
2min read

Nvidia: Shares declined by 5.6% as Nvidia's stock took a pause after its recent winning streak. The stock reached a new 52-week high earlier in the session. Nvidia has seen a 7% increase week to date and is on track for its ninth consecutive week of gains.

Marvell Technology: The chip company's shares dropped over 11% due to weak guidance for first-quarter earnings and revenue. Marvell Technology expects adjusted earnings of 23 cents per share for the first quarter, below the 40 cents analysts had anticipated.

Carvana: Shares of the online car retailer surged more than 7% after RBC Capital Markets upgraded the stock to sector perform from underperform, citing a fair valuation.

Costco: The stock fell 7% as the company reported fiscal second-quarter revenue of $58.44 billion, missing the consensus estimate of $59.16 billion. However, earnings per share exceeded expectations.

Eli Lilly: The pharmaceutical company's shares declined 2.3% after the U.S. Food and Drug Administration delayed approval of its Alzheimer"s drug, donanemab. An independent advisory committee is set to review the drug further.

Broadcom: Shares fell 7% amid a sell-off in semiconductor stocks, erasing some of the gains made in 2024. The drop occurred despite Goldman Sachs reiterating its buy rating on Broadcom and advising investors to buy the dip.

Textron: The aircraft manufacturer's stock rose 2% after Bank of America upgraded it to a buy rating, citing a strong revenue growth outlook.

MongoDB: Shares of the database software company dropped nearly 7% after providing weaker-than-expected guidance for the first quarter and full year. Despite the disappointing outlook, MongoDB exceeded estimates in its latest quarter, reporting adjusted earnings of 86 cents per share on revenue of $458 million.

Gap: Shares rallied more than 8% following strong holiday-quarter results. The retailer reported earnings of 49 cents per share on $4.30 billion in revenue, surpassing expectations of 23 cents per share and $4.22 billion in revenue. The company also noted that its Old Navy brand returned to growth for the first time in over a year.

New York Community Bancorp: Shares of the regional bank dipped 6.6% even after Moody's Investors Service announced it placed NYCB on review for upgrade. The stock remains well above its weekly lows, which occurred before NYCB announced a $1 billion capital raise.

Samsara: Shares jumped 14% after the company beat revenue expectations for the fourth quarter and provided positive revenue guidance. Samsara reported $276 million in revenue, compared to the $258 million expected by analysts.

DocuSign: The stock rose 4.5% after the electronic signature product provider beat fourth-quarter earnings expectations and provided positive guidance for the first quarter. DocuSign reported adjusted earnings of 76 cents per share on revenue of $712 million, surpassing analysts' expectations.

Amylyx Pharmaceuticals: Shares plummeted more than 82% after the company announced its ALS drug failed to meet its goal in a late-stage trial, leading to potential withdrawal from the market.

UBS: U.S.-listed shares of the Swiss bank increased more than 3% after Morgan Stanley upgraded the stock to overweight from equal weight, citing potential benefits from a rise in investment banking activity.

Li Auto: U.S.-listed shares of the Chinese auto company edged down less than 1% despite being named a top pick by Deutsche Bank, which highlighted Li Auto as a key player in China's automobile electrification trend.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.