Here are some of the biggest movers of the day:
Stock gainers:
Nvidia shares NVDA, +2.21% rose 2%, ahead of its eagerly awaited results after the close. Cathie Wood’s ARK Invest sold stock in the graphics chip maker on Tuesday, according to a fund disclosure.
Netflix Inc.’s stock NFLX, +4.75% rose 5.6% to lead S&P 500 gainers, after Oppenheimer analysts said paid programming and advertising should boost revenue by about 40% through fiscal 2025 from fiscal 2022.
United Parcel Services Inc.‘s stock UPS, +1.13% added 1% after workers at the deliveries and logistics company voted for a new contract.
Abercrombie & Fitch Co.’s ANF, +22.66% soared 25% Wednesday, after the teen clothing retailer blew past estimates for the second quarter and raised guidance.
Novavax stock NVAX, +1.09% rose 0.4%, after surging 13% on Tuesday when it said its COVID-19 vaccine was effective against a variant responsible for most cases right now in the U.S. and Europe.
Alphabet Inc. Class A stock GOOGL, +2.56% was up 2.8% to $ 132.75 on Wednesday morning. If the gains hold to the end of the session, the stock will be at its highest close since April 8, 2022 when it ended at $ 133.29, according to Dow Jones Market Data.
Bath & Body Works Inc.’s stock BBWI, +2.32% rose 2% after the Victoria’s Secret spinoff beat profit forecasts for the second quarter, offsetting a sales miss.
The stock of VCI Global Ltd. VCIG, +72.61%, a Malaysian consulting group, rose 70% Wednesday, after the company announced a collaboration with Microsoft Azure OpenAI services MSFT, +1.63%
Amazon.com Inc.’s stock AMZN, +0.60% rose 0.6%, after Loop Capital’s Rob Sanderson lifted his price target to $ 200 from $ 180 and said investors aren’t giving Amazon enough credit for the potential of its AWS cloud-computing business.
Apellis Pharmaceuticals Inc.’s stock APLS, +31.31% soared 31% after the company identified a potential cause for a rare but serious side effect linked with its Syfovre injection for age-related macular degeneration.
Gilead Sciences Inc.’s stock GILD, +1.19%, Arcus Biosciences Inc. RCUS, +26.74% and iTeos Therapeutics Inc. ITOS, +32.47% rose sharply after Roche AG ROG, +3.75% said there had been an “inadvertent disclosure” of interim data from a study of its anti-TIGIT therapy tiragolumab in non-small cell lung cancer. The news was viewed as positive for other anti-TIGIT treatments.
Stock decliners:
AMC Entertainment stock AMC, -11.11% fell 8%, after an 18% drop on Tuesday. A reverse stock split is planned on Wednesday, to be followed by the conversion of the APE preferred shares.
Shares of La-Z-Boy Inc. LZB, -2.45% fell 3% after the home-furniture maker topped Wall Street views for its fiscal first quarter but said that it expect its industry “to remain challenged.”
Peloton Interactive PTON, -23.39% fell 25% after the exercise-machine vendor came up short with its revenue outlook for the latest quarter while disclosing that a bike recall has had a greater-than-expected impact on the business.
Foot Locker FL, -31.57% slid 33.5% after the sporting goods retailer swung to a loss in the second-quarter, lowered its full-year guidance and said it’s suspending its quarterly dividend to conserve cash. The news sent Nike Inc.’s stock NKE, -3.50% down 3.6% to lead S&P 500 decliners, while the stock of Dick’s Sporting Goods DKS, -2.77%, which had disappointing earnings on Tuesday, fell 2.5%.
Mallinckrodt PLC’s stock MNK, -21.11% slid 17% after it announced that it would again file for Chapter 11 bankruptcy protection as it struggles with opioid-related settlements.