Biggest movers of the day in stocks: Novavax, Taiwan Semiconductor, Sweetgreen, and others

In midday trading, several companies made headlines with significant stock movements. Novavax saw a 98.7% increase following an announcement of a multibillion-dollar deal with French drugmaker Sanofi to co-commercialize its Covid vaccine. Taiwan Semiconductor Manufacturing also experienced a 4.5% jump after reporting a 60% surge in year-over-year April revenues, attributed to ongoing demand for artificial intelligence. Sweetgreen’s stock increased by 34% after surpassing first-quarter revenue expectations, with the salad chain reporting revenue of $158 million. Unity Software, on the other hand, lost 10% after posting a wider-than-expected first-quarter loss and providing a lower adjusted EBITDA forecast for the second quarter.

Akamai Technologies saw its stock drop by 11% due to a weak outlook and mixed quarterly results, with the company expecting revenue for the year to range below analyst estimates. Array Technologies, a solar energy stock, advanced by 2% on better-than-expected quarterly results, reporting adjusted earnings and revenue that surpassed expectations. Victoria’s Secret shares rose over 5% after reporting better-than-expected preliminary first-quarter results and reaffirming its guidance. Yelp’s stock dipped close to 7% after the company provided a weak second-quarter revenue forecast, despite posting solid first-quarter earnings performance that met estimates.

Natera, a DNA testing company, experienced a 10% increase following first-quarter results that beat analyst expectations. Gen Digital, the owner of Norton and LifeLock, saw its shares jump 15% on strong quarterly results, with adjusted earnings exceeding estimates. Insulet, a medical device stock, slipped by 6.6% after reporting higher marketing expenses in the first quarter and providing full-year revenue growth guidance below analyst estimates. Dropbox finished flat after reporting strong first-quarter results that surpassed expectations, while Cheesecake Factory shares climbed 4.4% after receiving an upgrade from Citi.

JFrog, a software company, slid 18.7% following a period of “digestion” in the first quarter, with adjusted earnings and revenue slightly beating consensus estimates. Mettler-Toledo, a manufacturer of lab instruments, jumped by 14% after posting first-quarter earnings and revenue that exceeded analyst expectations. Overall, these companies’ stock movements were influenced by a combination of quarterly results, earnings, revenue forecasts, and strategic partnerships. Investors will continue to monitor these companies as they navigate changing market dynamics and industry trends.