Midday movers: Nvidia, Moderna rise; Etsy, Rivian fall

February 22, 2024 8:17 AM EST
(Updated - February 22, 2024 11:22 AM EST) -- Main U.S. indexes rose strongly Thursday after blockbuster results from AI darling Nvidia helped boost sentiment, ahead of the release of more corporate earnings and important economic data.

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

Nvidia (NASDAQ: NVDA) stock soared 15% after the world’s most valuable chipmaker reported better-than-expected fourth-quarter revenue and outlined a bullish forecast for artificial intelligence-fueled chip demand.

Palantir Technologies (NYSE: PLTR), Advanced Micro Devices (NASDAQ: AMD) and Super Micro Computer (NASDAQ: SMCI) all have posted hefty gains, benefiting from Nvidia's strong outlook.

Moderna (NASDAQ: MRNA) stock rose 9.5% after the drugmaker reported a surprise fourth-quarter profit, helped by cost cutting and some deferred payments.

Etsy (NASDAQ: ETSY) stock fell 7% after the e-commerce company warned of a fall in first-quarter gross merchandise sales on weak demand for handcrafted goods and personalized gifts sold at its online marketplace.

Rivian (NASDAQ: RIVN) stock slumped over 27% after the electric truck maker reported annual production guidance that fell short of Wall Street estimates and announced deep job cuts.

Southwest Airlines (NYSE: LUV) stock rose 1% after the carrier said it has reached a tentative agreement with Transport Workers Union that represents nearly 18,000 ramp, operations, provisioning and cargo agents.

Royal Caribbean (NYSE: RCL) stock rose 8% after the cruise operator raised its full-year income forecast, saying it has been encouraged by both the "demand and pricing environment" in 2024.

Cheniere Energy (NYSE: LNG) stock fell 3.7% after the liquefied natural gas company posted a 38.5% fall in its full-year LNG revenue, hurt by a fall in natgas prices.

Fiverr International (NYSE: FVRR) stock fell 9% after the online freelance marketplace missed expectations with its fourth-quarter results, while the next quarter's revenue guidance of $92.5 million also underwhelmed.

Wayfair (NYSE: W) stock rose 7% after the online furniture retailer reported a narrower-than-expected fourth-quarter loss and said it returned to positive active customer growth.

Additional Reporting by Louis Juricic

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