Customers shop at an Apple store on November 28, 2022 in Chicago, Illinois.
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Check out the companies making headlines in midday trading.
Carvana – The used car retailer saw shares rise 28% after the company said it expects to achieve a positive adjusted profit in the second quarter of this year, earlier than previously reported. Carvana posted a smaller-than-expected loss on Thursday, according to Refinitiv. The company is working to cut costs, shrink losses and increase profits per vehicle after its stock fell by about 98% in 2022.
Apple – The tech giant advanced more than 4%. On Thursday, Apple reported better-than-expected earnings and profits for its fiscal second quarter, according to Refinitiv, driven by stronger-than-expected iPhone sales. The company also flagged strength in emerging markets and improved supply.
Lyft – Stock in the rideshare giant fell 21% on Friday, after reporting quarterly results a day earlier. Weak forward guidance sent the stock lower and fueled investor concern. The company beat revenue expectations.
Coinbase – Shares of the cryptocurrency platform rose 17% after Wedbush restated an outperform rating on the stock earlier on Friday. The company reported beats on quarterly results a day earlier, with a smaller-than-expected loss of 34 cents per share.
Nvidia – Shares of Nvidia jumped 3%. The action comes after a Microsoft spokesperson denied a Bloomberg reports that AMD is part of its Athena artificial intelligence chip project.
VF Corp – The North Face and Vans parent rose 4%. Wells Fargo upgraded the stock to equal weight from underweight, saying the green shoots for Vans are becoming harder to ignore.
Tesla, Lucid – Both electric car makers were higher in midday trading, with Tesla gaining 4% and Lucid adding 5%. Meanwhile, Tesla raised prices for two high-end vehicles in China on Friday. Lucid is set to report quarterly results on May 8, and analysts polled by FactSet had forecast a loss of 39 cents per share.
Confirm – The installment payment company added 16% on Friday. Affirm will report quarterly earnings on May 9, and analysts expect the company to post a loss of 85 cents per share, according to FactSet.
PacWest, Western Alliance, Zions Bancorp — Regional bank stocks rebounded Friday, recouping some of the group’s losses from earlier in the week. PacWest shares jumped more than 70%. Western Alliance gains 45% after being upgraded by JPMorgan. Zions Bancorp and Comerica were also upgraded by JPMorgan, climbing 21% and 17%, respectively.
— CNBC’s Jesse Pound, Alex Harring, Tanaya Macheel and Michelle Fox Theobald contributed reporting