Nvidia, Dish Network stocks surge, Nikola, UiPath, Dollar Tree shares sink, and other stocks on the move

By MarketWatch

Nvidia's stock rally helps fuel broad strength in chip sector

Here are some of the bigger stock movers on Thursday:

Stock gainers:

Nvidia Corp.'s stock (NVDA) skyrocketed 27% toward a record high in midday trading as the semiconductor maker guided for a record $11 billion revenue in the second quarter and first-quarter earnings topped Wall Street views. Other chip stocks climbed as well: Advanced Micro Devices Inc. shares (AMD) rose nearly 10%, those of Micron Technology Inc. (MU) advanced 3.6% and Monolithic Power Systems Inc. shares (MPWR) jumped 16%.

Shares of Dish Network Corp. shot up 9% after The Wall Street Journal reported that the pay-TV services company is in talks to sell wireless plans for its new mobile phone service through Amazon.com Inc.'s (AMZN) website.

Wireless Telecom Group Inc.'s stock (WTT) soared 30% after the radio frequency and microwave components company announced an agreement to be bought by Maury Microwave Inc., in a cash deal that represents a 34% premium.

Nutanix Inc. shares (NTNX) rallied 14% after the cloud-platform company had an upbeat outlook for its fiscal third quarter.

Shares of Elf Beauty Inc.(ELF) jumped 17% after the cosmetics company saw quarterly revenue rise 80% and earnings rose well above Wall Street expectations

Ralph Lauren Corp.'s stock (RL) rallied 6% after the luxury apparel and accessories company reported a big fiscal fourth-quarter profit beat and revenue that topped forecasts, as strength in Asia offset declines in North America and Europe.

Red Robin Gourmet Burgers Inc. shares (RRGB) ran up more than 7% after the restaurant chain offered a more upbeat full-year sales forecast and reported a surprise per-share profit for its first quarter and revenue that came in above expectations.

Stock decliners:

Nikola Corp.'s stock (NKLA) took a 16% hit toward a record low after the electric vehicle maker disclosed that it has received from the Nasdaq exchange a notice of noncompliance with the minimum-bid listing requirement.

Dollar Tree Inc. shares (DLTR) slumped 12% after the discount retailer missed fiscal first-quarter profit expectations and cut its full-year outlook, as elevated shrink and a shift in buying patterns to consumables weighed on results.

WeWork Inc.'s stock (WE) tumbled 9% toward a record low after the flexible workspace provider said Chief Financial Officer Andre Fernandez will resign, effective June 1. That comes a little over a week after the company said Chief Executive Officer Sandeep Mathrani will step down on May 26, and a little over two weeks after the company provided a second-quarter revenue outlook that was below Wall Street forecasts.

Shares of Snowflake Inc. (SNOW) dropped 19% after the data-software company topped expectations with its latest results but cut its outlook for the full year

Shares of American Eagle Outfitters Inc. (AEO) sank 16% after the clothing chain forecast a "low-single digits" sales decline for the second quarter, amid "ongoing macro challenges" that have led to subdued clothing demand.

UiPath Inc.'s stock (PATH) slid 12% after the AI upstart released results largely in line with analyst estimates, but offered soft second-quarter revenue guidance.

-MarketWatch

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05-25-23 1204ET

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