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Stocks making the biggest moves midday: Palantir, Nvidia, Avis Budget and more

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Nvidia has found success in China by selling automotive chips to the country’s electric car companies. But the U.S. semiconductor giant has been restricted from sending some products to China. So far, electric vehicle makers do not seem to be affected.
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Check out the companies making headlines in midday trading Tuesday:

Palantir — The software company’s stock price soared 13%. The action comes a day after Palantir reported it made a profit in the fourth quarter, its first quarter of positive GAAP income, at $31 million. Palantir’s revenue also came in stronger than expected, reporting a year-over-year increase of 18% for the quarter, while its U.S. commercial revenue grew 12%.

First Solar — Shares of the solar company fell 2.7% after being downgraded by Evercore ISI to in line from outperform. The Wall Street firm said recent tailwinds may already be fully priced into the stock. The firm’s price target implies 6% downside from Monday’s close.  

Avis Budget — Shares jumped 6.5% after Avis topped expectations in its latest quarterly report. The car rental agency reported adjusted earnings of $10.46 per share, far greater than the forecasted $6.79, according to consensus estimates from Refinitiv. It posted revenues of $2.77 billion, better than the expected $2.69 billion.

Nvidia — The semiconductor stock added 3.4% after Bank of America raised its price target on the company to $255 per share from $215 and said it is well-positioned to lead the “AI arms-race.”

Ecolab — Shares gained 5% after the chemicals company reported higher-than-expected earnings of $1.27 per share, excluding items, beating analysts’ estimate of $1.25 per share, according to FactSet. Ecolab reported a net income of $264.4 million for the fourth quarter.

Occidental Petroleum — The energy stock gained more than 1% after Goldman Sachs upgraded Occidental Petroleum to buy from neutral following the shares’ recent underperformance. The Wall Street firm said the current valuation is difficult to reconcile with the quality of the underlying assets and cash flow power through a cycle.

Synopsys — The software company’s stock price gained 3% during midday trading ahead of its scheduled earnings release on Wednesday.

Zoetis — Shares rose more than 5% after the animal pharmaceutical company reported $1.15 in adjusted earnings per share, matching analysts’ estimates, according to FactSet. Zoetis’ revenue came in slightly higher than expected.

Palo Alto Networks — Shares added about 1.5% after Goldman Sachs initiated coverage of the cybersecurity stock at a buy rating. The firm said Palo Alto’s diversification strategies could help the stock going forward.

Cadence Design Systems — The software stock rose 5.3% the company beat estimates on the top and bottom lines for the fourth quarter, according to FactSet. Cadence also topped analysts’ expectations on its first quarter guidance and the 2023 full year.

Arista Networks — Shares rose 2.4% during Tuesday’s midday trading session after the company reported fourth-quarter earnings and revenue on Monday that beat Wall Street expectations.

— CNBC’s Yun Li, Alex Harring, Sarah Min and Michelle Fox Theobald contributed reporting.

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