Check out the companies making headlines in midday trading. Deckers Outdoor – Shares lost nearly 6.7% after Truist downgraded the footwear company on concerns of lower demand for core products, noting Hoka's direct-to-consumer trends declined in February. Cava – Shares jumped 5.7% after Argus upgraded the Mediterranean food chain to buy from hold, saying investors should buy on the dip. Cava has a “long runway for growth,” the company said. Shares are up 44% year to date, but are down 11% this month. Nvidia – Shares rose nearly 2% as the leader of the “Magnificent Seven” tried to pull the company out of correction territory. The stock is 11% below the record level it reached earlier this year. Vital Farms – William Blair launched Vital with an outperformance, sending shares up more than 2% before ending the trading day up about 0.4%. The consumer brand is “well positioned in the large and growing clean food industry in the United States,” the company said. Block – Shares of the payment company fell 1.8%. The move came as Treasury yields rose on the back of hotter-than-expected inflation data. It overwhelmed Mizuho as it raised its price target on shares to $106. Zillow Group – The stock fell nearly 6% even after Jefferies named the online housing website company the best new idea in the company. Shares have fallen more than 21% over the past month since the National Association of Realtors announced a settlement to lower real estate commission rates on March 15. Wednesday's moves came as prices rose following the release of the latest CPI data. GoodRx Holdings – The telemedicine stock added nearly 3.9% after an upgrade in KeyBanc to Overweight from Sector Weight. The company said it sees opportunities for GoodRx to beat earnings and raise guidance throughout the year. Delta Air Lines – Shares of Delta Air Lines were little changed, outperforming the broader market, after posting first-quarter profits. The airline also said it is seeing strong leisure and business bookings ahead of the peak travel period. Earnings were 45 cents per share, 9 cents ahead of the 36 cents expected of analysts polled by LSEG. Albemarle – The chemical manufacturer's stock fell 1.2%. The stock was trading higher earlier in the morning after Bank of America upgraded shares to a buy rating, citing rising lithium prices as a catalyst. Alibaba – Shares rose 2.2% on news that Jack Ma, co-founder of the China-based e-commerce company, praised Alibaba's management and spoke up about the potential of artificial intelligence in an internal memo to employees. Shares of the Taiwanese semiconductor maker rose 0.6% after the company reported 34.3% year-over-year revenue growth in March – its fastest pace of growth since November 2022 – reflecting strong demand for its AI-powered chips. — CNBC's Samantha Sobin, Michelle Fox Theobald and Lisa Kailay Hahn contributed reporting. Correction: The Taiwanese semiconductor manufacturing company posted 34.3% year-over-year revenue growth in March. A previous version of this article misstated this number.
