Take a look at the companies making headlines in midday trading. Nvidia – Shares of the chipmaker were down about 1% in midday trading after showing volatility earlier in the session. Nvidia’s third-quarter revenue and net profit performed well, with adjusted earnings per share of 81 cents and revenue of $35.08 billion. Analysts polled by London Stock Exchange Group (LSEG) expected earnings of 75 cents per share on revenue of $33.16 billion. Nvidia also gave a better-than-expected forecast for this quarter. Baidu – U.S. shares of the Chinese search engine company fell about 5% after Baidu’s third-quarter revenue fell 3% on the year. Despite this, the company’s non-online marketing revenue still grew by 12%, mainly due to the growth of its artificial intelligence cloud business. Alphabet — Shares of Alphabet fell 5% on news that the Justice Department is urging a federal judge to force Google to divest its Chrome web browser to create a more level playing field for search rivals. This follows a ruling in August that Google has a monopoly in the search market. Snowflake — The maker of data analytics software soared more than 34% after its third-quarter results beat expectations. The stock is having its best day ever. Snowflake also expects product revenue to reach $3.43 billion in fiscal 2025, representing a growth of 29%. CEO Sridhar Ramaswamy said Snowflake is more focused on saving money. Merus — Shares of the cancer treatment company rose nearly 4%. Goldman Sachs initiated coverage of Merus with a buy rating, saying it believes the company’s cancer treatment will drive significant earnings going forward. Netflix — Shares of Netflix rose nearly 2% after Bank of America reiterated a buy rating on the stock and raised its price target to $1,000. The bank sees live events, as well as Netflix’s in-house ad tech platform, as catalysts for growth. Cryptocurrency-Related Stocks – Cryptocurrency-related stocks rose earlier after Bitcoin prices topped $98,000 for the first time, but not before Galaxy Digital CEO Michael Novogratz warned that Bitcoin would eventually pull back Cryptocurrency stocks have seen volatility since. MicroStrategy fell 1%, reversing earlier gains, while Coinbase fell 3%. Miner Mara Holdings rose nearly 10%, while trading platform Robinhood fell about 1%. BJ’s Wholesale Club — Shares of BJ’s Wholesale Club rose 9% after the warehouse club’s third-quarter adjusted earnings beat Wall Street expectations. BJ’s also raised its full-year guidance. The company said it would raise membership fees and announced plans to buy back $1 billion in stock. PDD Holdings – The e-commerce giant that owns Temu fell 9.7%. Pinduoduo missed profit and revenue expectations. —CNBC’s Sean Conlon, Yun Li and Michelle Fox contributed reporting.
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