Apple, Lyft, Carvana, VF Corp and more
Customers shop at an Apple store on November 28, 2022 in Chicago, Illinois.
Scott Olson | Getty Images
Check out the companies making headlines in the midday trade.
Carvana – The used car dealer saw shares rise 28% after the company said it expects to post positive adjusted earnings during the second quarter of this year, which would be earlier than it previously said. Carvana posted a smaller-than-expected loss on Thursday, according to Refinitiv. The company has been working to cut costs, limit losses and increase profit per vehicle after the stock fell about 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 flagged strength in emerging markets and improved offerings.
Lyft – Shares in the ride-sharing giant fell 21% on Friday, after reporting quarterly results a day earlier. Weak forward guidance drove the stock down and raised concerns among investors. The company beat sales expectations.
Coinbase – Shares of the cryptocurrency platform rose 17% after Wedbush reiterated an outperform rating on the stock earlier Friday. The company reported a blow to quarterly results a day earlier, with a smaller-than-expected loss of 34 cents per share.
Nvidia – Nvidia shares rose 3%. The move came after a Microsoft spokesperson denied in a Bloomberg report that AMD is part of the Athena artificial intelligence chip project.
VF Corp – The North Face and Van’s parent rose 4%. Wells Fargo upgraded the stock to equal weight from underweight, saying green shots for Vans were becoming harder to ignore.
Tesla, Lucid – Both electric car makers were higher in trading on the day, with Tesla gaining 4% and Lucid gaining 5%. Tesla, meanwhile, raised the prices of two high-end vehicles in China earlier on Friday. Lucid is due to report quarterly results on May 8, and analysts polled by FactSet are forecasting a loss of 39 cents per share.
Confirm – The installment company added 16% on Friday. Affirm will report quarterly earnings on May 9, and analysts expect the company to post a loss of 85 cents per share, according to FactSet.
PacWest, Western Alliance, Zions Bancorp — Regional bank stocks rebounded on Friday, recouping some of the group’s losses from earlier in the week. Shares of PacWest rose more than 70%. Western Alliance gained 45% after being upgraded by JPMorgan. Zions Bancorp and Comerica were also upgraded by JPMorgan, climbing 21% and 17%, respectively.
– CNBC’s Jesse Pound, Alex Harring, Tanaya Macheel and Michelle Fox Theobald contributed reporting
