Here are the companies making headlines in midday trading. Generac — The power generator stock climbed almost 6% after the company said it would supply backup power for a “leading hyperscale data center operator.” CEO Aaron Jagdfeld said, “This agreement positions Generac at the heart of supporting essential services and the digital economy.” USA Rare Earth — Shares gained close to 5% after the mining and manufacturing company announced a $1.2 billion investment toward building a magnet manufacturing and refined metals facility in South Carolina Intuit — The maker of TurboTax saw shares drop nearly 9% on the back of a Goldman Sachs downgrade to sell from hold. The firm sees shares falling about 22% from Monday’s close. “Our primary concern is that Intuit is entering a period of heightened competition in tax,” wrote analyst Gabriela Borges, adding that the firm expects shares to be “rangebound over the next several quarters.” Shake Shack — Shares tumbled 10% after the fast-casual burger chain cut its full-year earnings outlook along with its second-quarter revenue guidance. Shake Shack cited the “current macroeconomic uncertainty, competitive landscape, and related impacts” for the lower forecast. Optical stocks — Photonics companies linked to artificial intelligence and data center infrastructure saw shares surge on Tuesday after Hewlett Packard Enterprise reported rising AI-related demand in its server unit. Shares of Coherent surged 16%, while Lumentum ‘s stock added 13%. Specialty glass and fiber company Corning saw shares advance 13%. Marvell Technology — Shares surged almost 30% after Nvidia CEO Jensen Huang said Marvell could be the next trillion-dollar company . Hewlett Packard Enterprise — The information technology stock surged 16% after Hewlett Packard posted current-quarter earnings and revenue guidance that topped analysts’ estimates. The company also raised its full-year earnings guidance and topped consensus expectations. Victoria’s Secret — The lingerie retailer raised its full-year guidance after beating fiscal first-quarter earnings expectations. Victoria’s Secret is now anticipating full-year sales between $7.03 billion and $7.13 billion, up from a previous range of between $6.85 billion to $6.95 billion. Shares rallied about 44%. Credo Technology — Shares fell almost 3% despite Credo, which produces cables and chips to connect powerful AI computers, reporting a fourth-quarter beat on both the top and bottom lines. The company posted adjusted earnings of $1.16 per share on revenue of $437 million, beating the earnings of $1.03 per share and $432 million in revenue that analysts were expecting, per LSEG. Credo also shared current-quarter revenue guidance that beat the consensus forecast. Microchip Technology — The semiconductor stock jumped 4% after Microchip released revenue information for its data center solutions business unit. The unit generated $302.7 million in revenue in 2025, and Microchip sees the top line growing by about 65% this calendar year. Revenue for the quarter ending March 2026 was also up 62.9% from the prior year’s quarter. Alphabet — Shares dipped 2% after the Google parent company said it plans to sell $80 billion in stock, including through a $10 billion investment by Berkshire Hathaway. STMicroelectronics — The semiconductor company rallied around 15% after the company raised its revenue ambition for data centers to about $1 billion in 2026, compared with a forecast of “nicely above $500 million” that it issued previously. — CNBC’s Lisa Kailai Han, Fred Imbert, Nick Wells and Darla Mercado contributed reporting.
Stocks making the biggest moves midday: Coherent, Victoria’s Secret, Marvell, HPE, Generac, Intuit & more
Jun 3, 2026
