Market Insider

Stocks making the biggest moves midday: Tesla, Western Alliance, Target & more

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Elon Musk, CEO of Tesla, speaks with CNBC on May 16th, 2023.
David A. Grogan | CNBC

Check out the companies making headlines in midday trading.

Tesla — Shares rose 3.9% following the company’s annual shareholder meeting the previous day. CEO Elon Musk announced the company would deliver its first Cybertrucks later this year. Musk said that although he expects an economic downturn for the next 12 months, Tesla is well-positioned for the long run.

Western Alliance — Western Alliance popped 15% after the regional bank said deposit growth so far this quarter surpassed $2 billion as of May 12. Other regional bank stocks moved higher, with Zions Bancorporation last up 12%. The SPDR S&P Regional Banking ETF added 7.3%.

Target — Shares of the big-box retailer rose more than 2% after the company topped Wall Street’s earnings expectations for its fiscal first quarter. Target’s revenue, however, barely grew year over year, and its shoppers bought more necessities. Target also said it expects sales to remain sluggish in the current quarter, and it anticipates a low-single-digit decrease in comparable sales.

TJX Companies — Shares were down slightly on Wednesday. The retailer reported an earnings beat before the market open, with earnings per share coming in at 76 cents, versus the 71 cents expected from analysts polled by Refinitiv. It also topped expectations for first-quarter comparable sales, per StreetAccount, but its revenue missed estimates.

Wynn Resorts — The hotel and casino operator rose 7% after Barclays upgraded the stock. The firm said Wynn has more to gain from its Macao properties’ post-pandemic recovery and that its business in Las Vegas can continue to do well despite worsening macro conditions.

EVGo — The EV charging station supplier fell nearly 16% in midday trading on news of a public offering of $125 million Class A stock. Earlier on Tuesday, Stifel initiated coverage of EVGo with a buy rating.

Kyndryl Holdings — Shares of the IBM spinoff dropped 9.7% on light guidance. Kyndryl also shared a loss of $3.24 per share for its fiscal fourth quarter. That’s wider than the $1.02 per share loss suffered in the year-earlier period.

Keysight Technologies — Shares popped more than 7% after Keysight Technologies topped earnings expectations for the fiscal second quarter. The company also issued earnings guidance for the current period that beat estimates.

Doximity — The medical software company lost 4.8% after offering weak guidance for the current quarter. The company said to expect between $106.5 million and $107.5 million in revenue and between $39 million and $40 million in adjusted EBITDA for the first fiscal quarter. Both of those estimates were below expectations, with analysts polled by StreetAccount forecasting revenue at $11.8 million and adjusted EBITDA at $45.4 million. That overshadowed the company’s fourth-quarter earnings, which were better than expected.

— CNBC’s Yun Li, Tanaya Macheel, Hakyung Kim, Alex Harring, Michelle Fox and Brian Evans contributed reporting

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