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Stocks making the biggest moves midday: Nvidia, Lennar, Adobe and more

Stocks making the biggest moves midday: Nvidia, Lennar, Adobe and more

FINANCE NEWS

Stocks making the biggest moves midday: Nvidia, Lennar, Adobe and more

A sign is posted in front of the NVIDIA headquarters on May 10, 2018 in Santa Clara, California.Justin Sullivan/Getty ImagesCheck out the companies making headlines in midday trading.Nvidia — Shares of Nvidia gained 2.3% midday, then closed 0.21% after Bank of America raised its price target on the stock to $900 per share from $800 per share. The bank said “rising AI adoption, expanding use-cases across cloud, enterprise, edge, telco can help NVDA double its content and triple its data center sales over the next few years.”Lennar — Lennar shares added 3.7% after JPMorgan upgraded the homebuilder to overweight from neutral. JPMorgan said Lennar’s stock as “attractive relative to its peers and effectively not reflecting the company’s significant and ongoing business transformation.”Adobe — Shares of the digital cloud giant traded nearly 2.6% higher on the back of better-than-expected quarterly numbers. Adobe reported earnings per share of $3.03 on revenue of $3.84 billion. Analysts expected a profit of $2.81 per share on sales of $3.73 billion, according to Refinitiv.Smith & Wesson Brands — The firearms manufacturer stock surged 17.4% after the company quarterly results that beat analyst expectations. Smith & Wesson’s earnings per share of $1.71 beat a Refinitiv forecast by 69 cents. The company’s revenue of $322.9 million also surpassed an estimate of $259.8 million. Smith & Wesson also raised its dividend by 60% and authorized a $50 million stock buyback.Orphazyme — Shares of Orphazyme plunged nearly 50% after U.S. regulators rejected its application for a drug intended to treat Niemann-Pick disease type C.Fox Corporation — Fox shares gained 1.3% after the company upped its stock repurchase program by $2 billion to a total of $4 billion.Citigroup — The bank stock fell 1.8% midday, putting it on pace for its 12th straight daily loss. Shares of Citigroup are down more than 11% this week.— CNBC’s Tanaya Macheel contributed reportingBecome a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today


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