Stocks making the biggest moves midday: AKAM, MU, NBIS, BABA
Here are the stocks making headlines in midday trading. Chip stocks – Shares of semiconductor companies resumed their rally as investors bought back into names like Micron Technology . The VanEck Semiconductor ETF (SMH) was up more than 1%, while Micron jumped about 3%. On Semiconductor surged 10%, Marvell Technology jumped 7% and Nvidia was last up 2%. Akamai Technologies – The cybersecurity and cloud computing company saw shares jump almost 7%. Bank of America upgraded the stock to buy and lifted its price target to $175 from $130. “The story has shifted from a legacy delivery network to a credible AI infrastructure platform,” the firm said in a note. Nebius – The artificial intelligence cloud company surged 16%. In the first quarter, Nebius posted revenues of $399 million, reflecting a 684% surge from the year-ago period and aided by rising demand for cloud and GPU capacity. Nebius also announced that it has secured up to 1.2 gigawatts of power and land for a new AI factory in Pennsylvania. Alibaba — U.S.-listed shares of the Chinese e-commerce giant rose 6% after the company said that its cloud computing unit saw a 38% jump in first-quarter revenue from a year earlier. Alibaba also reported heavy investments in artificial intelligence. EchoStar — Shares rose 4% after the Federal Communications Commission approved the company’s $40 billion sale of wireless spectrum to AT & T and SpaceX. The company is selling 50 megahertz of its spectrum to AT & T and 65 megahertz to SpaceX. Nextpower — The energy stock surged 12% after Nextpower raised its full-year revenue guidance to a range of $3.8 billion to $4.1 billion, while previously it had estimated a range of between $3.6 billion to $3.8 billion. The company also posted a fiscal fourth-quarter adjusted earnings and revenue beat versus analysts’ expectations, per FactSet. Birkenstock — The shoe designer and manufacturer fell more than 10% after it missed estimates on both earnings and revenue in its fiscal second-quarter financial report. War in the Middle East weighed on growth in the Europe, Middle East and Africa region, the company said. Resideo Technologies — Shares plunged 17% after the home security products and systems company guided for current-quarter adjusted earnings in the range of 71 to 75 cents per share, while analysts were expecting 84 cents, per FactSet. The company also sees its revenue falling in between $1.916 billion to $1.940 billion, versus the $2.01 billion analyst consensus. However, Resideo reported a first-quarter beat on both the top and bottom lines. Photonics stocks — The AI trade supported optical networking names on Wednesday. Coherent was a top performer in the S & P 500, rising 6%. Lumentum was up more than 2%, while Corning jumped almost 2%. Wix.com — The web development platform plunged 30% after adjusted earnings came in lighter than expected at 68 cents per share. Analysts polled by FactSet were expecting earnings of $1.24 per share. — CNBC’s Lisa Kailai Han, Fred Imbert, Nick Wells and Darla Mercado contributed reporting Markets shift and headlines fade, but the core principles of building long-term wealth remain constant. Join us for our third CNBC Pro LIVE, where investors of all backgrounds – from financial professionals to everyday individuals – come together to cut through the noise and gain actionable strategies for smarter, more disciplined investing. No matter where you’re starting from, you’ll leave with clearer thinking, stronger strategies. Enter your email here to get a discount code.
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