Cari Gundee rides her Peloton exercise bike at her home on April 06, 2020 in San Anselmo, California.
Ezra Shaw | Getty Images
Here are the stocks making notable moves in midday trading.
Peloton — Shares of the exercise equipment maker dropped about 12% after the company announced a recall for its treadmill products. Reports of dozens of injuries and one death have been attributed to the products.
Lyft — The ride hailing giant’s shares dropped about 4% despite reporting a smaller-than-expected first-quarter earnings loss. Lyft lost 35 cents per share, while analysts estimated a loss of 53 cents per share, according to Refinitiv. Revenue came in at $609 million, above the forecast $559 million.
General Motors — The legacy auto stock jumped more than 4.2% after GM beat earnings expectations for the first quarter and reaffirmed its full-year profit guidance. The company’s revenue did come in lighter than expected as the semiconductor shortage continues to hamper automakers.
ConocoPhillips — Shares of the oil company rose more than 5.5% after Bank of America upgraded the stock to buy from neutral and amid a rally for commodities stocks. The firm said that higher oil prices helped to increase the possibility that ConocoPhillips could deliver more cash to shareholders.
Nvidia — The chipmaker saw its stock gain 2.5% just before noontime in New York after Baird told clients that its lead in artificial intelligence shows just how undervalued the stock is. The brokerage initiated coverage at an overweight rating and told clients Nvidia will champion “the most transformational technology of our era.” Baird’s $800 price target implies about 40% upside from Tuesday’s close.
Match Group — The dating app company reported better-than-expected earnings and revenue for the first quarter, helping to boost shares by more than 4%. Match also provided strong second quarter guidance.
Activision Blizzard — Shares of the video game company popped 3.2% on quarterly results that beat analysts’ expectations. Activision Blizzard reported earnings of 84 cents per share, topping a Refinitiv forecast of 70 cents per share. The company’s revenue came in at $2.07 billion, beating an estimate of $1.78 billion.
Scotts Miracle-Gro — The fertilizer stock rose 4.8% after its fiscal second quarter report topped expectations. Scotts Miracle-Gro reported adjusted second-quarter earnings of $5.64 per share on revenues of $1.83 billion. Analysts had expected EPS of $5.42 on revenues of $1.73 billion.