Stocks making the biggest midday moves: Walmart, Netflix, FedEx, Nvidia & more

Walmart: Shares of the major retailer experienced a slight increase following the announcement of an earnings and revenue beat for the fiscal first quarter. Additionally, Walmart raised its guidance for the full year, although its adjusted earnings guidance for the fiscal second quarter fell below expectations.

‍

Netflix: Shares of Netflix surged by 9.8% after the company held its upfront presentation to advertisers, which was received optimistically on Wall Street. The media company revealed that its new ad-supported tier has garnered nearly 5 million monthly active users.

‍

Bath & Body Works: The shares of this retailer soared over 9% after its fiscal first quarter earnings surpassed expectations. The company also raised its guidance for the full year. Bath & Body Works reported adjusted earnings of 33 cents per share, outperforming the estimated 26 cents per share predicted by analysts surveyed by Refinitiv. The company's revenue of $1.4 billion was in line with estimates.

‍

FedEx: Shares of the shipping giant climbed 1.7% during midday trading. Deutsche Bank raised its price target on FedEx stock and reiterated a buy rating, citing the potential for strong forward guidance in the company's upcoming quarterly results, scheduled for June 20.

‍

Alibaba: The stock of the Chinese e-commerce giant declined by 3.5% following a mixed earnings report for the recent quarter, which fell short of Wall Street's revenue expectations. Additionally, Alibaba announced its plan to spin-off its cloud division.

‍

Procter & Gamble: Shares of Procter & Gamble declined by 2% after Truist downgraded the stock from buy to hold. Truist acknowledged the company's success in restructuring its product portfolio and reducing costs but stated that the stock's valuation already reflects these turnaround efforts.

‍

Synopsys: Shares of Synopsys rallied by 8% in response to the announcement of its fiscal second-quarter results, which exceeded Wall Street's expectations for both earnings and revenue. The company also raised its full-year guidance for earnings and revenue growth.

‍

Micron Technology: The shares of this memory and storage solutions company jumped by 4.9% following the news of its $3.7 billion investment in Japan to foster dynamic random access memory chip production.

Regional bank stocks: Shares of some regional banks that had experienced significant declines saw an increase, extending the rally from the previous trading session. PacWest and Zions Bancorporation gained 8% and 1.7%, respectively. However, the SPDR S&P Regional Banking ETF experienced a slight dip of 0.4%.

‍

Nvidia: Shares of Nvidia surged by 4.5% and reached a new 52-week high. Susquehanna noted in a research note that it expects favorable results and guidance from Nvidia's upcoming earnings announcement, driven by the ongoing "AI gold rush."

‍

Take-Two Interactive: Shares of the video game company surged by almost 13% and reached a new 52-week high following the announcement of its fiscal fourth-quarter earnings. Take-Two Interactive reported revenue of $1.39 billion, surpassing analysts' estimates of $1.34 billion according to Refinitiv. However, the company's guidance for bookings in the first quarter and full year fell below Wall Street's expectations.

‍

Cincinnati Financial: Shares of Cincinnati Financial rose by 2% after Bank of America upgraded the insurance company from neutral to buy. The firm expressed confidence that the worst is behind Cincinnati Financial regarding rising umbrella claims.

‍

Copart: Shares of this online vehicle seller gained 6% and reached a new 52-week high after reporting fiscal third-quarter earnings and revenue that exceeded Wall Street's expectations.

‍