Nvidia, Lennar, Adobe and extra
A sign will be posted outside NVIDIA headquarters on May 10, 2018 in Santa Clara, California.
Justin Sullivan / Getty Images
Check out the companies that are making the headlines in midday trading.
Nvidia – Nvidia shares rose 2.3% after Bank of America raised its target price on the stock from $ 800 to $ 900 per share. The bank said, “The rise in AI adoption and the expansion of use cases across the cloud, enterprise, edge, and telecommunications can help NVDA double its content and triple its data center revenue over the next few years.”
Lennar – Lennar shares rose 5.2% after JPMorgan raised the homebuilder from neutral to overweight. JPMorgan said Lennar stock is “attractive compared to its peers and does not effectively reflect the company’s significant and ongoing business transformation.”
Adobe – Shares in the digital cloud giant traded nearly 2% higher on better-than-expected quarterly numbers. Adobe reported earnings per share of $ 3.03 on sales of $ 3.84 billion. According to Refinitiv, analysts expected earnings of $ 2.81 per share on sales of $ 3.73 billion.
Smith & Wesson Brands – The gun manufacturer’s stock rose 15% after the company’s quarterly results beat analysts’ expectations. Smith & Wesson’s earnings per share of $ 1.71 exceeded Refinitiv’s forecasts by 69 cents. The company’s revenue of $ 322.9 million also topped the estimate of $ 259.8 million. Smith & Wesson also increased its dividend by 60% and approved a $ 50 million share buyback.
Orphazyme – Orphazyme shares fell 42% after US regulators rejected their application for a drug to treat Niemann-Pick type C disease.
Fox Corporation – Fox shares rose 2% after the company increased its share buyback program by $ 2 billion to a total of $ 4 billion.
Citigroup – Bank shares fell 1.6% at noon, their 12th consecutive day loss. Citigroup stocks are down more than 11% this week.
– CNBC’s Tanaya Macheel contributed to the coverage
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