Check out the companies making headlines in midday trading. Nvidia – Nvidia stock fell more than 3% after the AI chip maker unveiled its widely anticipated next-generation chips. Several Wall Street firms boosted their price targets on Nvidia in the wake of the event. The company plans to launch the first version of its AI graphics processor known as Blackwell later this year. Shares of rival Advanced Micro Devices fell 6.8% on the news. Super Micro Computer – IT stock fell 12% on the back of offering to sell an additional 2 million shares through Goldman Sachs. Proceeds of about $2 billion will be used “to purchase inventory and other working capital purposes, expand manufacturing capacity and increase investments in research and development,” Super Micro Computer said. Unilever – U.S. shares of the British consumer products maker rose 2.9% after it laid out plans to spin off its ice cream unit, which includes Ben & Jerry's and Magnum. The change comes as part of a restructuring plan that will affect about 7,500 jobs. Cryptocurrency Stocks – Stocks linked to the price of bitcoin fell on Tuesday as the cryptocurrency's record price fell, falling more than $10,000 from the record high it hit last week. MicroStrategy, the largest bitcoin holder, fell 15%, and cryptocurrency exchange Coinbase fell 8%. Cryptocurrency mining stocks fell across the board, with the largest, Riot Platforms and Marathon Digital, down 7% and 8%, respectively. Nordstrom – Shares jumped 12% after a Reuters report that the luxury department store chain is looking to go private. Nordstrom is working with investment banks Morgan Stanley and Centerview Partners to see if private equity firms are interested in the deal, Reuters said, citing people familiar with the matter. Tencent Music – Shares of the Chinese internet stock rose 5.5% on the back of its quarterly earnings report. Tencent Music saw more than 20% growth in the number of paying users year-on-year, despite a decline in overall revenue compared to the same period a year earlier. dLocal – The packaged software provider fell nearly 15% in the wake of a weaker-than-expected earnings report. DLocal earned 10 cents per share in the fourth quarter, below the 15 cents forecast of analysts polled by StreetAccount. Full-year revenue guidance was close to the low end of what analysts expected. Snowflake, MongoDB – Data technology stocks lost more than 1% and 3%, respectively, after their rating was downgraded to Sell from Neutral by Redburn Atlantic Equities. Both lack a feature associated with generative AI, the company said. Cognex, Chart Industries – Both stocks advanced on UBS upgrades to buy from neutral. Cognex rose 2.5% after UBS said the software provider offers investors high-quality growth at a discount, while Chart rose 3.8% after the bank said the maker of clean energy and industrial gas equipment well executed its management plan. Endava – The British software stock jumped 5.7% after JPMorgan was upgraded to overweight from neutral. JPMorgan said Endava offered a potential upside of 32% from Monday's close after falling 50% so far in 2024. Avis Budget Group – Shares rose 2.5% after Bank of America initiated coverage of the car rental company with a buy rating, Saying that Avis is at an “attractive entry point.” The bank's price target of $170 was 57% above Monday's closing price. CNBC's Tanaya Machel, Jessie Pound, Samantha Sobin, Sarah Main and Michelle Fox contributed reporting.
