Nvidia, Logitech, Nikola, Uber and more
Jen-Hsun Huang, CEO of NVIDIA
Robert Galbraith | Reuters
Find out which companies are making headlines in the midday business.
KB Home – Shares of the homebuilder were down 5% midday after missing the top and bottom results in its quarterly results. KB Home reported earnings of $1.47 per share on revenue of about $1.40 billion. Wall Street expected earnings of $1.56 per share on revenue of $1.50 billion, according to Refinitiv.
Nikola — Shares of the electric vehicle company jumped 3.6%. The company began production of the battery-electric version of its Tre semi-trailer at its factory in Coolidge, Arizona.
Nvidia, Intel – Shares of the two companies surged in midday trading after reports that Nvidia may be considering sourcing computer chips from Intel, according to at Bloomberg. Additionally, Intel CEO Pat Gelsinger has pushed US government officials to support legislation to help semiconductor production. Nvidia’s share price jumped 8.4% and Intel’s 5.4%.
GameStop – Shares of the video game retailer fell 5% after a seven-day winning streak. The stock jumped 14% on Wednesday after Chairman Ryan Cohen bought an additional 100,000 shares and increased his stake to 11.9%.
Steelcase – Shares of the office furniture maker fell more than 7% by midday. The company reported an unexpected loss for its latest quarter, even as revenue beat expectations. Steelcase cited supply chain issues and inflationary pressures.
Logitech – Shares of the computer peripheral maker jumped 6.4% after Bank of America launched coverage of the company with a buy rating. Although the stock is down about 13% this year, the Logitech analyst said it was “too cheap to ignore.”
NetApp — The cloud company’s stock price fell 2.2% at midday. On Thursday, analysts at Bank of America downgraded the company to neutral long, saying NetApp has limited upside from here.
Uber – Shares of the ride-sharing company jumped nearly 4% after learning it had reached a deal to include New York taxis on its app. Through this agreement, Uber will work with taxi apps Curb and Creative Mobile Technologies.
Cleveland-Cliffs – Shares of the company soared nearly 10% midday as global steel shortages boosted interest in the maker.
Liberty Global – Shares of the European telecommunications company rose 1.7% after Credit Suisse upgraded the stock to outperform from neutral. The firm said in a note that “momentum is turning” for Liberty.
– CNBC’s Margaret Fitzgerald, Yun Li, Tanaya Macheel, Jesse Pound and Samantha Subin contributed reporting.