Midday movers: Nvidia, Micron rise; Lennar, Tesla fall

June 18, 2024 7:41 AM EDT
(Updated - June 18, 2024 11:31 AM EDT) -- U.S. stock futures were mixed Tuesday following the release of retail sales data for May that was softer than economists expected, as investors continued to balance weaker economic data against the possibility of Fed rate cuts later this year.

Here are some of the biggest U.S. stock movers today:

  • Chegg (NYSE: CHGG) stock soared 13% after the education technology group announced plans to slash 23% of its global workforce as part of a broader restructuring push.

  • Lennar (NYSE: LEN) stock dropped 2.9% after the homebuilder forecast its third-quarter home deliveries below expectations, a sign that demand for new homes is expected to remain sluggish as mortgage rates hover at a two-decade high.

  • GameStop (NYSE: GME) stock rose 0.4%, rebounding from the previous session’s sharp losses, after CEO Ryan Cohen told investors that the video game retailer plans to operate a smaller network of stores

  • Tesla (NASDAQ: TSLA) stock fell 1.9% after the electric car manufacturer initiated its battle for legal recognition of Chief Executive Elon Musk's massive $56 billion pay package.

  • Apple (NASDAQ: AAPL) stock fell 1.3% after the iPhone maker scrapped its "buy now, pay later" service in the U.S., bringing an end to the offering only a little over a year after it was first announced.

  • Merck (NYSE: MRK) stock rose 0.1% after the U.S. Food and Drug Administration approved the drugmaker’s next-generation vaccine to protect adults against the pneumococcal disease.

  • La-Z-Boy (NYSE: LZB) stock rose 18% after the furniture manufacturer reported a robust finish to its fiscal year 2024, with fourth-quarter earnings and revenue surpassing expectations.

  • Boeing (NYSE: BA) stock fell 2% after the Wall Street Journal reported GE Aerospace CEO Larry Culp has declined the planemaker’s request to consider taking over as the chief executive.

  • NVIDIA (NASDAQ: NVDA) rose 1.7% after several Wall Street firms raised their price target on the stock. Its "Street high" price target is now $200.

  • Micron Technology (NASDAQ: MU) rose 4.8% after it was added to a top picks list by analysts at BofA.

  • Kroger (NYSE: KR) rose 2% after it was upgraded to 'outperform' by analysts at research firm BMO. Evercore ISI was also positive on Kroger today.

Additional reporting by Louis Juricic

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