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    Expedia, Sweetgreen, Eli Lilly rise; Nvidia, Intel fall

    msmarkBy No Comments4 Mins Read

    The stock market started to gain momentum at midday. The S&P 500 rose 0.7%, the tech-heavy Nasdaq Composite added 0.73%, the Dow Jones Industrial Average rose 0.40%, and the Russell 2000 fell 0.10%.

    Drugmaker Eli Lilly continued its rally on Thursday, rising more than 5% by midday. Among chipmakers, Nvidia rose less than 1%, Intel and AMD fell, and Taiwan Semiconductor rose 1.6% after strong July sales figures. MAG7 shares have seen relatively modest volatility.

    Expedia shares rose even after the company warned of weak demand ahead.

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    Today’s S&P 500 Stock Moves

    Five S&P 500 Stocks Making Big Moves Midday:

    • Akamai Technologies Inc. (my brother) +11.3%
    • Expedia Group Limited (Experience) +9.4%
    • Eli Lilly & Co. (Laila) +5.8%
    • Take Two Interactive Software Company (TTWO) +3.6%
    • Solventum Company (SOLV) +3.2%

    The five worst performing S&P 500 stocks with the biggest midday declines are:

    Stocks that also deserve attention and have seen significant moves include:

    Expedia prices rise despite weak demand warnings

    Expedia shares jumped 9% midday after the company posted positive second-quarter earnings and warned of weak demand ahead.

    The travel booking giant posted earnings of $3.51 per adjusted share, up 21% from a year ago and beating expectations of $3.14. Revenue of $3.6 billion also beat expectations of $3.53. Gross bookings were $28.8 million, up 6%.

    The company warned of “weakening travel demand” in July, prompting it to revise its outlook for the rest of the year.

    Earlier this week, Airbnb also said it saw “some signs of slowing demand from U.S. guests.” Airbnb shares fell 13.4% after the results were announced and the company failed to make a profit.

    Related: Airbnb CEO Reveals Big Mistake During Pandemic Layoffs

    Sweetgreen shares rise on revenue growth

    Sweetgreen stock rose 27% after the company posted strong second-quarter revenue.

    The fast-food chain reported revenue of $184.6 million in the June quarter, up 21%, beating expectations of $180.9 million. It also narrowed its net loss to $14.5 million from $27.3 million a year earlier.

    Related: Sweetgreen Is Making a Change to a Key Ingredient That Will Impact Most Orders

    “We continue to open successful new restaurants across the country,” said CEO Jonathan Neiman. Sweetgreen opened four net new restaurants in the second quarter, compared to 10 a year earlier.

    UBS raised its price target on Sweetgreen stock from $31 to $37 and maintains a buy rating. The analyst believes Sweetgreen’s leading retail developments in kitchen automation, menu innovation and loyalty will drive sales and EBITDA growth, driving the stock higher in the coming years.

    Trade Desk shares rise after earnings beat

    Trade Desk shares rose 9% after better-than-expected earnings.

    The digital advertising company reported its second-quarter financial results on Thursday. Revenue rose 25.9% year over year to $584.6 million, compared with analysts’ estimates of $578 million. Earnings of $0.39 per share also beat expectations of $0.36.

    More tech stocks:

    The company also announced upbeat guidance for the quarter ending in September, with revenue expected to be $618 million at the midpoint, 2.1% above analysts’ expectations.

    “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,” CEO Jeff Green said on the earnings call.

    Related: Veteran Fund Manager Sees a World of Pain Coming for Stocks

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