Nvidia stock rises ahead of results, Foot Locker and Peloton tank, and other stocks on the move

By MarketWatch

AMC fell again, while Mallinckrodt was crushed after filing for bankruptcy for the second time in three years

Here are some of the biggest movers of the day:

Stock gainers:

Nvidia shares (NVDA) rose 2%, ahead of its eagerly awaited results after the close. Cathie Wood's ARK Invest sold stock in the graphics chip maker on Tuesday, according to a fund disclosure.

Netflix Inc.'s stock (NFLX) rose 5.6% to lead S&P 500 gainers, after Oppenheimer analysts said paid programming and advertising should boost revenue by about 40% through fiscal 2025 from fiscal 2022.

United Parcel Services Inc.'s stock (UPS) added 1% after workers at the deliveries and logistics company voted for a new contract.

Abercrombie & Fitch Co.'s(ANF) soared 25% Wednesday, after the teen clothing retailer blew past estimates for the second quarter and raised guidance.

Novavax stock (NVAX) rose 0.4%, after surging 13% on Tuesday when it said its COVID-19 vaccine was effective against a variant responsible for most cases right now in the U.S. and Europe.

Alphabet Inc. Class A stock (GOOGL) was up 2.8% to $132.75 on Wednesday morning. If the gains hold to the end of the session, the stock will be at its highest close since April 8, 2022 when it ended at $133.29, according to Dow Jones Market Data.

Bath & Body Works Inc.'s stock (BBWI) rose 2% after the Victoria's Secret spinoff beat profit forecasts for the second quarter, offsetting a sales miss.

The stock of VCI Global Ltd. (VCIG), a Malaysian consulting group, rose 70% Wednesday, after the company announced a collaboration with Microsoft Azure OpenAI services (MSFT)

Amazon.com Inc.'s stock (AMZN) rose 0.6%, after Loop Capital's Rob Sanderson lifted his price target to $200 from $180 and said investors aren't giving Amazon enough credit for the potential of its AWS cloud-computing business.

Apellis Pharmaceuticals Inc.'s stock (APLS) soared 31% after the company identified a potential cause for a rare but serious side effect linked with its Syfovre injection for age-related macular degeneration.

Gilead Sciences Inc.'s stock (GILD), Arcus Biosciences Inc. (RCUS) and iTeos Therapeutics Inc. (ITOS) rose sharply after Roche AG said there had been an "inadvertent disclosure" of interim data from a study of its anti-TIGIT therapy tiragolumab in non-small cell lung cancer. The news was viewed as positive for other anti-TIGIT treatments.

Stock decliners:

AMC Entertainment stock (AMC) fell 8%, after an 18% drop on Tuesday. A reverse stock split is planned on Wednesday, to be followed by the conversion of the APE preferred shares.

Shares of La-Z-Boy Inc.(LZB) fell 3% after the home-furniture maker topped Wall Street views for its fiscal first quarter but said that it expect its industry "to remain challenged."

Peloton Interactive(PTON) fell 25% after the exercise-machine vendor came up short with its revenue outlook for the latest quarter while disclosing that a bike recall has had a greater-than-expected impact on the business.

Foot Locker (FL) slid 33.5% after the sporting goods retailer swung to a loss in the second-quarter, lowered its full-year guidance and said it's suspending its quarterly dividend to conserve cash. The news sent Nike Inc.'s stock (NKE)down 3.6% to lead S&P 500 decliners, while the stock of Dick's Sporting Goods (DKS), which had disappointing earnings on Tuesday, fell 2.5%.

Mallinckrodt PLC's stock (MNK) slid 17% after it announced that it would again file for Chapter 11 bankruptcy protection as it struggles with opioid-related settlements.

-MarketWatch

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08-23-23 1158ET

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