Customers shop at an Apple Store on November 28, 2022 in Chicago, Illinois.
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Check out which companies are making headlines in the midday trading.
Carvana — The used car retailer saw shares jump 28% after the company said it expects to report positive adjusted earnings during the second quarter of this year, which will be earlier than it previously announced. Carvana posted a smaller-than-expected loss Thursday, according to Refinitiv. The company is cutting costs, narrowing losses and increasing profits per vehicle, after its stock plunged nearly 98% in 2022.
Apple — The tech giant advanced more than 4%. On Thursday, Apple reported better-than-expected earnings and revenue for its fiscal second quarter, according to Refinitiv, driven by stronger-than-expected iPhone sales. The company also cited strength in emerging markets and improved supply.
Lyft — Shares of the rideshare giant fell 21% on Friday, after reporting quarterly results the day before. Poor forward guidance sent the stock lower and spooked investors. The company exceeded expectations regarding revenue.
Coinbase – Shares of the cryptocurrency platform rose 17% after Wedbush reiterated its outperform rating on the stock earlier Friday. The company reported outperforming quarterly results the day before, with a smaller-than-expected loss of 34 cents per share.
Nvidia – Nvidia shares jumped 3%. This action came after a Microsoft spokesperson denied it in a filing Bloomberg report AMD is part of the AI chip project in Athens.
Shares of VF Corp – The North Face and Vans rose 4%. Wells Fargo upgraded the stock to an even weight underweight, saying Vans’ green shoots are becoming hard to ignore.
Tesla, Lucid — Both electric vehicle makers were higher in midday trading, with Tesla gaining 4% and Lucid adding 5%. Meanwhile, Tesla raised the prices of two luxury cars in China earlier on Friday. Lucid is set to report quarterly results May 8, and analysts polled by FactSet were expecting a loss of 39 cents per share.
Confirmed – The installment company added 16% on Friday. Affirm will report its quarterly earnings on May 9, and analysts expect the company to post a loss of 85 cents per share, according to FactSet.
Bakwest, Western Alliance, Zion Bancorp – Regional banking stocks rebounded on Friday, recouping some of the group’s losses earlier in the week. PacWest shares jumped more than 70%. Western Alliance gained 45% after being promoted by JPMorgan. Zions Bancorp and Comerica were also upgraded by JPMorgan, jumping 21% and 17%, respectively.
— CNBC’s Jesse Pound, Alex Haring, Tanaya Machell, and Michelle Fox Theobald contributed to reporting