Stocks making the biggest moves midday: Palo Alto Networks, Nvidia, Tesla, Marvell and more

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An exterior view of the Nvidia headquarters in Santa Clara, California, May 30, 2023.
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Check out the companies making headlines in midday trading.

Palo Alto Networks — The security software provider jumped 15.2% after Palo Alto beat expectations for earnings when reporting after the bell Friday. Goldman Sachs reiterated the stock as a buy following its report.

Earthstone Energy, Permian Resources — Earthstone jumped 13% following the announcement that Permian Resources is buying the oil and gas company in an all-stock deal valued near $4.5 billion, including debt. Permian shares were flat.

Nvidia — Shares climbed 4.7% after HSBC reiterated a buy rating and raised its target price on the chipmaker. Baird also named Nvidia a top pick. The company reports earnings Wednesday after the bell.

Napco Security Technologies — The security tech stock plummeted 41% after Napco said Friday that an audit found errors in recent financial statements, with gross profit, operating income and net income overstated.

Xpeng — The Chinese electric vehicle maker jumped 9.8% following an upgrade to buy from neutral by Bank of America. The firm said Xpeng should see improvements in China given its partnership with Volkswagen and better cost structure.

Tesla — The electric vehicle maker added 5.1%, regaining ground after tumbling around 11% last week following news of more price cuts in China.

VMWare, Broadcom — VMWare and Broadcom added 4.2% and 2.3%, respectively. Broadcom obtained final transaction approval from the United Kingdom’s Competition and Markets Authority for an acquisition of the cloud computing company and expects other required regulatory approvals before Oct. 30. 

Farfetch — The e-commerce fashion company’s shares jumped more than 5% Monday. The stock tumbled more than 45% during Friday’s trading session after posting a revenue miss in the prior quarter. Farfetch’s full-year revenue guidance also came in below analyst expectations.

Acushnet Holdings – The golf equipment maker and owner of Titleist added 3.3% after Jefferies upgraded the company to buy from hold. The Wall Street firm excepts Acushnet to defend its top position while expanding margins and growth.

— CNBC’s Sarah Min, Hakyung Kim and Samantha Subin contributed reporting

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