Microsoft's stock rally buoys Amazon and Nvidia shares, Activision Blizzard stock tumbles, and other stocks on the move

By Steve Goldstein

PacWest stock jumps as deposits increased, Enphase Energy shares slump after disappointing results

Here were some of the more prominent stock movers on Wednesday

Gainers

Microsoft Corp. shares (MSFT) jumped more than 7% in afternoon trading as the software maker reported stronger-than-forecast earnings and revenue, and guided to current quarter revenue above estimates.

Microsoft's cloud division Azure saw revenue grow 27%, which boosted shares of rival Amazon.com Inc.(AMZN) by 2.4%. Nvidia Corp.'s stock (NVDA) got a 2.5% boost from Microsoft's plan to spend more on equipment needed to power artificial intelligence features.

Datadog Inc.'s stock (DDOG) ran up 11%, which one analyst also attributed to commentary from Microsoft about its cloud-computing business.

Boeing Co.'s stock (BA) rallied as much as 4.7% intraday before paring gains to be up 1.2% after the aerospace and defense giant reported a wider-than-expected first-quarter loss but revenue and free cash flow that beat forecasts.

Chipotle Mexican Grill Inc.'s stock (CMG) jumped more than 13% as the fast-food restaurant operator beat earnings estimates with same-store sales up nearly 11%.

PacWest Bancorp's stock (PACW) climbed 9% after reporting that deposits have climbed since late March.

Losers

Activision Blizzard Inc. shares (ATVI) tumbled 11% as the U.K. competition regulator blocked Microsoft's bid for the videogames maker. Activision's stock had already been trading well below the $95 per share Microsoft bid.

After sliding 49% on Tuesday, First Republic Bank shares (FRC)plunged another 30% as investors expressed concern about the regional bank's future

Enphase Energy shares (ENPH) plummeted 26% as the energy technology company guided for revenue below Wall Street estimates.

Shares of Old Dominion Freight Line Inc.(ODFL) dove 11% after the trucking company missed quarterly profit expectations for the first time in three years, while revenue also missed.

-Steve Goldstein

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04-26-23 1523ET

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