Stocks making the biggest moves midday: DKS, MRVL, AMD, KURA
Check out the companies making the biggest moves midday: Dick’s Sporting Goods — Shares plunged more than 27% following a revenue disappointment out of the sports equipment retailer, which cited a “challenging” market for footwear. Dick’s posted sales of $5.59 billion, lower than the $5.65 billion expected by analysts polled by LSEG. The stock was on pace for its worst day ever. Dynatrace — The AI-powered observability platform moved 3% higher on the back of an upgrade to overweight at Morgan Stanley. The investment bank believes demand should help propel growth of at least 20% and margin expansion for Dynatrace over the next couple of years. Shift4 Payments — Shares were up nearly 4% after Wells Fargo upgraded Shift4 Payments to overweight from equal weight on Tuesday, citing “improved set up” after the second quarter. Wells Fargo noted that the company, which provides software and payment processing solutions, has multiple opportunities for expansion. Moderna — The biotech giant rallied 13%, building on its strong gains from last week — when shares more than doubled in value. On Tuesday, Wolfe Research upgraded the stock to peer perform, citing its outperformance last week on the positive trial results for a joint cancer vaccine developed with Merck. “We suspect MRNA will trade largely around intismeran narrative in the near-term and see excitement and momentum from specialist, generalist & retail investors alike to continue,” Wolfe analyst Alexandria Hammond wrote. Marvell Technology – Shares of the semiconductor producer jumped 5% after a couple of Wall Street firms raised their price targets. Susquehanna boosted its price target to $265 from $230, noting that the “longer-term ‘custom XPU’ story is also brightening amid an expanded partnership with Google.” Rosenblatt also raised its price target to $300 from $240. Marvell is expected to report earnings on Thursday. Advanced Micro Devices — The chip stock gained 5% after Raymond James upgraded the semiconductor company to strong buy from outperform, with a new $641 price target that implied 40% upside from Monday’s close. The analyst expects AMD will overtake Intel in the central processing unit market. Semiconductors — Chip stocks rose as a group, with Intel advancing more than 1% along with Nvidia . The VanEck Semiconductor ETF (SMH) gained more than 1%. Kura Oncology — The biotech stock climbed almost 10% after CEO Troy Wilson disclosed buying up 100,000 shares of common stock in a regulatory filing . Navitas Semiconductor — Shares jumped 5% after Navitas Semiconductor said it will power management solutions company Claros in a deal valued at $232.8 million in cash and shares. CNBC’s Michelle Fox, Ananya Chetia, Fred Imbert and Darla Mercado contributed reporting.
