Midday movers: Nvidia, Micron and Wix rise; Li Auto falls
Investing.com -- Main U.S. indexes traded higher Monday, retaining a degree of optimism at the start of a new week that offers more clues as to the likely future direction of U.S. monetary policy.
Here are some of the biggest U.S. stock movers today:
JPMorgan Chase (NYSE: JPM) stock fell 0.5% despite the investment bank raising its forecast for net interest income, or the difference between what it makes on loans and pays out on deposits, to $91 billion, excluding markets.
Nvidia (NASDAQ: NVDA) stock rose 2.5% ahead of this week’s quarterly earnings amid very high expectations of another round of strong results and a positive outlook as the AI infrastructure investment cycle continues.
Johnson Controls (NYSE: JCI) stock rose 3% after Bloomberg reported that activist investor Elliott Investment Management had built a stake worth more than $1 billion in the building solutions provider.
Paramount Global (NASDAQ: PARA) stock fell 0.5% despite the New York Times reporting that Sony (NYSE: SONY) and Apollo Global Management (NYSE: APO) have signed non-disclosure agreements that will allow them to look at the U.S. media company's books ahead of a potential bid for its assets.
Li Auto (NASDAQ: LI) stock fell 16% after the Chinese EV manufacturer unveiled a forecast for current-quarter revenue and deliveries that were both below expectations.
Tesla (NASDAQ: TSLA) stock fell 1.4% after Reuters reported that the EV manufacturer is taking steps to appease European leasing companies after its repeated retail price cuts devalued their fleets and slow service and expensive repairs alienated corporate customers.
Alphabet (NASDAQ: GOOGL) stock rose 0.8% after the tech giant said its Google unit will invest a further €1 billion ($1.1 billion) into the expansion of its data centre campus in Finland to drive its artificial intelligence business growth in Europe.
Ryanair (NASDAQ: RYAAY) ADRs fell 0.5% after the budget airline flagged that airfares were not climbing as fast as initially expected heading into the all-important summer travel season.
Target (NYSE: TGT) stock fell 1.4% after the retailer announced lower prices on about 5,000 frequently shopped items heading into the holiday weekend.
Hims & Hers Health, Inc. (NYSE: HIMS) rose 30% after it announced the addition of GLP-1 injections to its comprehensive weight loss portfolio.
Micron Technology (NASDAQ: MU) rose 4% after Morgan Stanley upgraded the stock to 'equalweight' from 'underweight'. Analysts said they should have foreseen the implications of the strength in AI specialty memory/high bandwidth memory.
Wix.com (NASDAQ: WIX) rose 22% after the website development platform easily beating consensus estimates for the first quarter and raised guidance. Analysts noted the company's strong momentum.
Additional reporting by Louis Juricic