The stock market is starting to gain ground midday. The S&P 500 is up 0.7%, and the tech-heavy Nasdaq Composite is up 0.73%. The Dow Jones Industrial Average gained 0.40%, and the Russell 2000 Index is down 0.10%.
Drug maker Eli Lilly continued its Thursday rally, soaring over 5% midday. Among the chip makers, Nvidia is up less than 1%, Intel and AMD are down, and Taiwan Semiconductor is up 1.6% following strong July sales figures. Mag 7 stocks are largely experiencing modest swings.
Expedia shares jumped even after the company warned of soft demand ahead.
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S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
Akamai Technologies Inc (AKAM) +11.3% Expedia Group Inc (EXPE) +9.4% Eli Lilly and Co (LLY) +5.8% Take-Two Interactive Software Inc (TTWO) +3.6% Solventum Corp (SOLV) +3.2%
The worst-performing five S&P 500 stocks with the largest midday drop are:
Insulet Corp (PODD) -6.8% Intel Corp (INTC) -3.2% Las Vegas Sands Corp (LVS) -3.1% Monolithic Power Systems Inc (MPWR) -1.5% West Pharmaceutical Services Inc (WST) -2.6%
Stocks also worth noting with significant moves include:
Nvidia (NVDA) 0.6%Tesla (TSLA) 0.8%Amazon (AMZN) +1.2%Sweetgreen (SG) +28.6%Unity Software Inc (U) +9.5%Trade Desk Inc (TTD) 9.9%
Expedia surges despite a weak demand warning
Expedia shares jumped 9% midday after the company posted upbeat second-quarter earnings and warned of soft demand ahead.
The travel-booking giant earned $3.51 per adjusted share, up 21% from a year ago, beating the $3.14 forecast. Revenue of $3.6 billion also beat the expected $3.53. Gross bookings reached $28.8 million, up 6%.
The company warned of “a softening in travel demand” in July, causing it to revise expectations for the rest of the year.
Earlier this week, Airbnb also said they have seen “some signs of slowing demand from U.S. guests.” Airbnb stock tumbled 13.4% following the announcement and earnings miss.
Related: Airbnb CEO reveals a major mistake during pandemic layoffs
Sweetgreen soars on revenue growth
Sweetgreen stock popped 27% after the company delivered strong Q2 revenue.
The fast food chain’s revenue for the June quarter was $184.6 million, an increase of 21%, surpassing the $180.9 forecast. It also narrowed its net loss to $(14.5) million versus $(27.3) million a year ago.
Related: Sweetgreen makes a key ingredient change that will affect most orders
“We continue to open successful new restaurants across the country,” said CEO Jonathan Neman. Sweetgreen had four Net New Restaurant Openings in Q2 versus 10 in the prior year.
UBS raised Sweetgreen’s price target to $37 from $31 and keeps a Buy rating. The analyst believes that Sweetgreen’s leading store development in kitchen automation, menu innovation, and loyalty will boost sales and EBITDA growth, driving share upside in the coming years.
The Trade Desk jumps on earnings beat
The Trade Desk stock rallied 9% after better-than-expected earnings.
The digital advertising company delivered its second-quarter financial results on Thursday. Revenue was up 25.9% year over year to $584.6 million, compared with analysts’ estimated $578 million. Earnings of $0.39 a share also beat the anticipated $0.36.
More Tech Stocks:
Sony’s Bungie criticized for layoffs after CEO spends millionsNvidia stock tumbles in tech slump amid questions over key chipAnalysts adjust Palantir stock price target ahead of earnings
The company also reported optimistic guidance for the September quarter, with an expected revenue of $618 million at the midpoint, 2.1% higher than analysts’ forecast.
“By comparison, our ad-funded peers have gone through periods of much lower growth and even stagnation in some cases. That means we are consistently gaining market share quarter after quarter and year after year,” said CEO Jeff Green in the earnings call.
Related: Veteran fund manager sees world of pain coming for stocks
