Midday movers: Novavax, Nvidia, Sweetgreen rise; Moderna, Yelp fall

Investing.com -- Main U.S. indexes edged lower Friday after preliminary data showed consumers' inflation expectations rose more than anticipated in May.

Here are some of the biggest U.S. stock movers today:

• Novavax (NASDAQ: NVAX) stock soared 125% after the biotech company signed a deal with French drugmaker Sanofi (NASDAQ: SNY), up 0.3%, to develop its Covid vaccine starting next year.

• Moderna (NASDAQ: MRNA) stock fell 3% after the drugmaker announced that the Food and Drug Administration has delayed the approval of its vaccine for respiratory syncytial virus to the end of May due to "administrative constraints" at the agency.

• Akamai Technologies (NASDAQ: AKAM) stock slumped 8% after the cloud services firm posted disappointing guidance for the current quarter and for 2024.

• Unity Software (NYSE: U) stock fell 6% after the video game software developer reported its quarterly earnings per share missed estimates.

• Nvidia (NASDAQ: NVDA) stock gained 1.2% in premarket trading after Taiwan Semiconductor Manufacturing (NYSE: TSM), the world's largest chipmaker and a major supplier to Nvidia, reported a near 60% jump in April sales. TSM stock rose 3.1%.

• Tesla (NASDAQ: TSLA) stock fell 2% despite reports the Biden administration was preparing more tariffs against its Chinese EV rivals.

• Dropbox (NASDAQ: DBX) stock rose 1.5% after the file hosting service delivered a decent first-quarter earnings and revenue, overshadowing tepid guidance for the current quarter.

• Yelp (NYSE: YELP) stock fell 4% after the company, which delivers crowd-sourced business reviews, reported better-than-expected profit but offered weaker-than-expected guidance.

• Sweetgreen (NYSE: SG) stock soared 36% after the salad-based restaurant chain raised guidance for the year, citing continuing momentum.

• SoundHound AI (NASDAQ: SOUN) stock soared 14% after the voice recognition company’s first-quarter revenue beat market estimates.

• Mettler-Toledo Intl. (NYSE: MTD), a supplier of precision instruments and services, rose 13.5% after first quarter results easily beat consensus estimates and it raised guidance for the year.

Additional reporting by Louis Juricic

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