Stocks making the biggest moves midday: CAVA, NVDA, DECK, SQ

Check out the companies making headlines in midday trading. Deckers Outdoor shares lost 6.9% after Truist downgraded the footwear company to hold over concerns that demand for core products is declining, noting softened direct-to-consumer trends for Hoka in February. Cava shares jumped 4.4% after Argus upgraded the Mediterranean food chain to buy from hold, saying investors should buy the dip. Cava has a “long runway to growth,” the firm said. Shares are up 44% year to date, but they have dropped 11% this month. Nvidia shares rose 1.7% as the “Magnificent Seven” leader tried to claw its way out of correction territory. The stock is 11% below record highs reached earlier this year. William Blair initiated Vital Farms at outperform, leading shares 2.4% higher. The consumer brand is “well positioned in the large and growing U.S. clean label food industry,” the firm said. Block shares of the payment company dropped 2.3%. The move came as Treasury yields rose on the back of hotter-than-expected inflation data. It overshadowed Mizuho upping its price target on shares to $106. Zillow Group stock slipped 5.1% even after Jefferies named the online housing website company a new top idea at the firm. Shares have fallen more than 21% over the past month since the National Association of Realtors announced a settlement to potentially lower real estate commission rates on March 15. GoodRx Holdings added nearly 2% following an upgrade at KeyBanc to overweight to sector weight. The firm said it sees opportunities for GoodRx to beat on earnings and raise guidance throughout the year. Delta Air Lines shares were little changed, outperforming the broader market, after posting a first-quarter profit. The airline also said that it is experiencing strong leisure and business bookings ahead of the peak travel period. Earnings came in at 45 cents per share, 9 cents ahead of the 36 cents expected by analysts polled by LSEG. Albemarle, the chemicals manufacturer, fell 1%. The stock was trading higher earlier in the morning after Bank of America upgraded shares to a buy rating, citing rising lithium prices as a catalyst. Alibaba shares rose 1.2% on news that Jack Ma, co-founder of the China-based e-commerce company, touted Alibaba’s management and talked about the potential for AI in an internal memo to employees. Taiwan Semiconductor Manufacturing shares added 1.5% after the company posted 34.4% year-on-year revenue growth in March, its fastest pace of growth since November 2022, reflecting strong demand for its artificial intelligence-powering chips. – CNBC’s Samantha Subin, Michelle Fox Theobald and Lisa Kailai Han contributed reporting.

In midday trading, several companies made headlines for various reasons. Deckers Outdoor saw a 6.9% decrease in shares after a downgrade from Truist due to concerns about declining demand for core products. Cava, a Mediterranean food chain, experienced a 4.4% increase in shares after an upgrade from Argus, citing a “long runway to growth.” Nvidia saw a 1.7% increase as it attempted to recover from a recent correction. Vital Farms saw a 2.4% increase in shares after receiving an outperform rating from William Blair. Block, a payment company, saw a 2.3% decrease in shares as Treasury yields rose. Zillow Group’s stock slipped 5.1% despite being named a top idea by Jefferies. GoodRx Holdings saw a nearly 2% increase following an upgrade to overweight by KeyBanc. Delta Air Lines performed well after posting a first-quarter profit, with strong leisure and business bookings reported. Albemarle, a chemicals manufacturer, fell 1% despite an upgrade to a buy rating from Bank of America. Alibaba saw a 1.2% increase in shares after co-founder Jack Ma praised the company’s management in an internal memo. Taiwan Semiconductor Manufacturing saw a 1.5% increase in shares after reporting strong revenue growth in March. These developments reflect a variety of factors impacting the stock market, from company-specific news to broader economic trends.

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