Top Stock Movers Now: Nvidia, BlackBerry, Paychex, and More
Key Takeaways
- U.S. equities were mixed at midday with tensions in the Middle East easing.
- Nvidia’s price target was raised by Loop Capital, which said the chipmaker’s market cap could reach $6 trillion.
- Paychex missed revenue estimates, and shares tumbled.
U.S. equities were mostly higher at midday as a ceasefire between Israel and Iran appeared to be holding. The S&P 500 and Nasdaq rose, but the Dow Jones Industrial Average dropped.
Nvidia (NVDA) shares were on pace to close at a record high when Loop Capital boosted its price target and said artificial intelligence (AI) demand could send the chipmaker’s market capitalization up to $6 trillion.
An upgrade from JPMorgan boosted shares of Yum! Brands (YUM). The analysts pointed to the Taco Bell, KFC, and Pizza Hut restaurant chain operator’s strong free cash flow.
BlackBerry Ltd. (BB) shares soared when the security software firm beat profit and sales forecasts and raised its guidance on a strong demand for its QNX automotive software.
Paychex (PAYX) was the worst-performing stock in the S&P 500 after the payroll and human resources services provider reported revenue that came in short of estimates as a large part of its sales came from the acquisition of human capital management software maker Paycor.
Shares of Winnebago Industries (WGO) slid when the recreational vehicle (RV) maker’s earnings and revenue fell and it reduced its outlook as economic conditions continued to cut into demand.
Tesla (TSLA) shares sank as the electric vehicle (EV) maker’s European sales slumped for a fifth straight month.
Oil and gold futures rose. The yield on the 10-year Treasury note gained. The U.S. dollar was up on the yen, but lost ground to the euro and pound. Trading in major cryptocurrencies was mixed.
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