Novavax and Palantir rocket higher, while PayPal slumps and other stocks on the move

By Ciara Linnane

Novavax posts positive results from a trial of flu and COVID vaccines and says it's cutting a quarter of its workforce

Here are some of the biggest movers of the day on Tuesday:

Stock gainers:

Novavax Inc.'s stock (NVAX) soared 29% after the biotech company reported positive results from a trial of three flu and COVID vaccines and unveiled a restructuring that will see it part with a quarter of its staff. The move put the stock on track for its biggest one-day gain in more than two years as worries raised by the company's "going-concern" warning from earlier this year appeared to ease.

Palantir Technologies Inc.'s stock (PLTR) rocketed 24% after the software company surprised investors with its second-ever quarterly GAAP profit since coming public.

DaVita Inc.'s stock (DVA) soared 15% to lead S&P 500 gainers, after the provider of kidney dialysis services reported first-quarter adjusted earnings above Wall Street expectations, saying it benefited from "an improving macro environment."

Longeveron Inc.'s stock (LGVN) soared 34% after the biotech said its Lomecel-B for the treatment of a congenital heart defect in infants (Hypoplastic Left Heart Syndrome) achieved 100% survival up to 5 years of age in a trial.

AMC Networks Inc.'s stock (AMCX) jumped 7% after the TV network and streaming services company's first-quarter results beat analysts' top and bottom line expectations

Boeing Co.'s stock (BA) rose 2.2% after Ryanair Holdings PLC(RYA.DB) order 300 new 737-Max-10 aircraft in a deal valued at more than $40 billion.

Shoals Technologies Inc. (SHLS) shares jumped 24%, following a beat on earnings and revenue and a forecast increase for the solar-energy-components company.

Amazon.com Inc.'s stock (AMZN) was up 0.8% after it said it's offering shoppers $10 to pick up a purchase rather than have it shipped to a home address, in an apparent move to reduce home delivery costs amid slack consumer demand. I

Shares of Harmonic Inc.(HLIT) jumped 18% after the maker of fiber-optic and other telecommunications systems topped Wall Street expectations for its quarterly earnings, thanks to "strong demand" for its products.

Premier Inc. (PINC) shares rose 4% after the company announced that the board is considering strategic alternatives, including a potential sale.

Regional-bank stocks reversed their morning losses to trade higher by early afternoon. Western Alliance Bancorp.(WAL) was up 3.47%, PacWest Bancorp.(PACW) was up 6%, Comerica Inc.(CMA) was up 0.7% and KeyCorp (KEY) was up 1.3%.

Stock decliners:

PayPal Holdings Inc. shares (PYPL) fell 12% to pace S&P 500 decliners, though the company beat expectations with its latest results. However, its 2023 GAAP EPS guidance, of about $3.42, was beneath the $3.46 in a FactSet-compiled analyst view.

Shares of Lucid Group Inc.(LCID) shed 7% after the electric-vehicle startup reported steeper quarterly losses and tweaked its guidance for the year

WeWork Inc.'s stock (WE) slid 6% after the flexible workspace provider reported a first-quarter loss that narrowed a little more than expected and revenue that was in line, but provided a second-quarter outlook that was below Wall Street projections.

Coty Inc.'s stock (COTY) slid 2.5% despite an earnings beat for the beauty and fragrance company, which said prestige fragrances drove growth.

Warby Parker Inc.'s stock (WRBY) was down 1% after the eyewear company's first-quarter adjusted profit and revenue beat expectations, and it reiterated its full-year guidance but said it remains "cautious" about the near-term outlook given the "uncertain" macroeconomic outlook.

Western Digital Corp. (WDC) shares fell 2.3% as the data-storage device company's results came in better than expected but its forecast did not.

Skyworks Solutions Inc. (SWKS) shares fell 6% after the analog and mixed-signal chip maker's outlook fell short of Wall Street expectations.

Wayfair Inc. (W) stock fell 5% after the online furniture retailer said it planned to issue $600 million in convertible notes.

Hims & Hers Health Inc.(HIMS) shares fell 11%. The online telehealth and prescription platform reported a bigger per-share loss than expected for its first quarter, but raised its full-year sales forecast.

-Ciara Linnane

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05-09-23 1406ET

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