Global Courant 2023-05-31 01:04:02
Visitors to the Nvidia booth at the Apsara Conference 2022 in Hangzhou, China, November 3, 2022.
Nvidia Shares Soar | Future publication | Getty Images
Check out the companies making headlines during midday trading.
Nvidia – Shares of the chipmaker and artificial intelligence beneficiary rose 3%, building on recent gains after a blowout quarter. The moves briefly pushed Nvidia’s market value above $1 trillion. Other chipmakers with AI bands also won. Broadcom revised earnings to close 1.2% lower.
Tesla — Shares rose 4.1% following a Reuters report that a private jet belonging to CEO Elon Musk arrived in China, his first visit in three years. Musk is expected to meet senior Chinese officials and visit Tesla’s factory in Shanghai, Reuters said.
ford — Shares of the longtime automaker rose 4.1% after Jefferies upgraded the F-150 pickup maker to a buy from a hold, citing improved confidence in Ford’s plan and management following an investor event .
Coin base — Shares of the crypto services sector rose more than 7.5% following an upgrade by Atlantic Equities, which called the company the “best expression of crypto.” The analyst maintained his price target on the stock, still implying it could rise 23% from Friday’s close.
Paramount Global – CBS TV’s parent company rose more than 6.4%, up nearly 6% from Friday. Wolfe Research upgraded media stocks to peer-performing from underperform Tuesday following last week’s news. Paramount’s majority owner National Amusements announced a $125 million preferred stock investment from BDT Capital Partners. Wolfe said the likelihood of Paramount selling assets increases while stocks are low and positioning is short.
Charging station — Stocks rose nearly 14.1%. Bank of America upgraded its stock of electric vehicle charging stations to buy, calling it a best-in-class play in the EV landscape.
Devon energy, Diamond back, Chevron, Exxon Mobil — Energy stocks came under pressure on Tuesday as oil and natural gas prices fell. Shares of Devon Energy fell 2.3%, while Diamondback Energy fell more than 1%. Oil giants Chevron and Exxon fell nearly 1% each.
C3.ai — Shares of C3.ai rose 33.4% on Tuesday as AI-focused companies took a lift. Other companies connected to AI won, with UiPath recently up 6.1%. C3.ai will report the results on Wednesday.
Iovance Biotherapeutics — Shares of Iovance Biotherapeutics rose more than 17% following the US Food and Drug Administration his license accepted application for advanced skin cancer treatment.
– CNBC’s Tanaya Macheel, Yun Li, Michelle Fox, Alexander Harring and Jesse Pound contributed to the reporting.
