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Midday Movers: Nvidia, Boeing, Splunk, Dollar Tree, and Other Stocks

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Midday Market Highlights: Nvidia, Boeing, Splunk, Dollar Tree, and More

During midday trading, several companies have made headlines with notable stock movements and announcements. Let's take a closer look at some of the key developments:


Nvidia, the chipmaker, experienced a stock surge of over 1% to reach a record high. The company reported strong financial performance, surpassing expectations on both top and bottom lines. Nvidia's data center business, which includes AI chips like A100 and H100, played a significant role in driving its success. The company also provided robust guidance, reflecting the increasing demand for chips and projecting a 170% sales growth in the current quarter compared to the previous year.

AMD and Marvell Technology

Semiconductor stocks AMD and Marvell Technology faced declines as Nvidia's earnings momentum waned. AMD shares slipped nearly 5%, while Marvell experienced a 4% pullback.


Shares of aerospace company Boeing dropped by nearly 3% after announcing delays in deliveries of the 737 Max due to newly discovered manufacturing flaws. Improperly drilled fastener holes on the aft pressure bulkhead of some planes prompted the delay. As a result, Spirit Aerosystems, responsible for manufacturing the fuselages, saw a significant decline of 16.5%.

Dollar Tree

Discount retailer Dollar Tree witnessed a 2% decline in its stock price following the release of lower-than-expected third-quarter guidance. The company projected earnings per share between 94 cents and $1.04, falling short of the $1.27 expected by analysts.

Discover Financial Services

Shares of Discover Financial Services rose by 2% after receiving an upgrade to "outperform" from Wolfe. The upgrade highlighted the potential buying opportunity for investors, as the company's recent underperformance was attributed to internal control and risk management deficiencies.


Cloud stock Splunk recorded an impressive 13.6% climb after surpassing Wall Street expectations for second-quarter earnings and raising its guidance. Bank of America reiterated its buy and top-pick ratings on the stock following the positive report.


Autodesk's shares increased by 3.1% after reporting better-than-expected earnings and providing higher forward guidance. The company achieved an adjusted $1.91 per share and $1.35 billion in revenue, exceeding Refinitiv analyst estimates.


Despite reporting an earnings beat, Snowflake experienced a dip of over 5% in midday trading. The company's adjusted earnings per share of 22 cents and $674 million in revenue exceeded analyst expectations, which had forecasted 10 cents and $662 million, respectively.


Apparel company Guess saw a significant surge of over 28% after reporting an earnings beat. The company achieved an adjusted 72 cents per share and revenue of $664.5 million. In conclusion, midday trading has seen various companies making headlines with significant stock movements and earnings reports. While some companies experienced notable gains, others faced declines or issued lower guidance. These developments highlight the dynamic nature of the market and the importance of staying informed to make informed investment decisions.

Conclusion: Implications for New Businesses

The midday market highlights offer crucial insights for new businesses. The stock market's dynamic nature, as evidenced by the varied performance of companies like Nvidia, Boeing, and Dollar Tree, underscores the importance of adaptability and strategic planning.

Embrace Innovation

Nvidia's success highlights the potential of innovative technology like AI chips. New businesses, particularly in the tech sector, should consider leveraging cutting-edge technology to drive growth and competitiveness.

Prepare for Challenges

The experiences of Boeing and Dollar Tree underscore the importance of anticipating and managing challenges. Whether it's manufacturing flaws or lower-than-expected guidance, businesses must have robust risk management strategies in place.

Recognize Opportunities

The positive developments for companies like Discover Financial Services and Splunk suggest that even in challenging times, opportunities can arise. New businesses should stay informed and ready to seize potential opportunities. In conclusion, the fluctuating stock market provides a wealth of lessons for new businesses. By embracing innovation, preparing for challenges, and recognizing opportunities, new businesses can navigate the complexities of the market and position themselves for success.
Story First Published at: https://www.cnbc.com/2023/08/24/stocks-making-the-biggest-moves-midday-nvidia-boeing-splunk-dollar-general-and-more.html
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