Midday movers: Workday, Ross Stores, CAVA Group rise ; Intuit falls
Investing.com -- U.S. stock futures rose Friday, ending the week on a positive tone, after Fed chair Jerome Powell signaled the Fed would begin rate cuts in September.
Here are some of the biggest U.S. stock movers today:
Uber Technologies (NYSE: UBER) stock rose 4% after the ride-hailing service announced a multiyear partnership with Cruise, a subsidiary of General Motors (NYSE: GM), allowing the latter's self-driving vehicles to be launched on Uber's ride-hailing platform.
Ross Stores (NASDAQ: ROST) stock rose 2% after the retailer raised its fiscal 2024 profit forecast and posted second-quarter results above expectations late Thursday, benefiting from demand for its discounted apparel and easing freight costs.
Workday (NASDAQ: WDAY) stock jumped 11% after the human resource software provider beat market expectations for second-quarter revenue and announced a $1 billion stock buyback plan.
CAVA Group (NYSE: CAVA) stock soared 22% after the fast-casual Mediterranean restaurant chain reported strong second-quarter earnings and revenue, while comparable sales growth and new unit performance also impressed.
Nvidia (NASDAQ: NVDA) stock rose 3.2% after Evercore ISI analysts advised investors to buy ahead of the chipmaker’s earnings report for the July quarter, stressing that recent concerns over Blackwell delays are “overdone.”
Halliburton (NYSE: HAL) stock rose 1.3% despite the oilfield services firm saying that an unauthorized third party had gained access to some of its systems, and it had launched an internal investigation as well as taken certain systems offline to protect them.
Peloton (NASDAQ: PTON) stock rose 5% despite JPMorgan downgrading its stance on the connected fitness company to ‘neutral’ from ‘overweight’, saying the current economic conditions will continue to impact consumer demand.
Qualcomm (NASDAQ: QCOM) stock rose 1.8% after the U.S. chip giant agreed a deal with Sequans Communications to acquire the French semiconductor company’s 4G IoT technologies.
Intuit (NASDAQ: INTU) fell 8% it reported fourth quarter EPS that beat estimates, updated its guidance, and approved a $3 billion buyback. Analysts were disappointed by its growth projections.
Additional reporting by Louis Juricic