Check out the companies making the biggest moves at midday: MGM Resorts International — Shares soared 16% after Barry Diller’s People Inc. offered to buy the company for $48.30 per share in cash. Mr. Diller, who is also a member of MGM’s board of directors, said he would recuse himself from board discussion of the proposal. Zoom Communications — Shares of the work platform soared more than 11% after Anthropic, in which Zoom was an early investor, secretly filed a prospectus with regulators for an initial public offering. Veeva Systems — The life sciences-focused cloud-based software company is headed for its third straight day of wins, with its stock up nearly 9%. Veeva is scheduled to report first-quarter results on Wednesday. FactSet consensus expects the company to post earnings of $2.14 per share and revenue of $857.7 million, both metrics within Veeva’s previous guidance. Humana — Shares rose 8% after the health insurer reaffirmed its guidance. Humana expects full-year adjusted earnings of at least $9 per share, according to a filing with the Securities and Exchange Commission. This is above the FactSet consensus call of $8.93 per share. Viasat — The global satellite communications provider saw its stock price drop 11% Friday after it filed a shelf registration with the Securities and Exchange Commission to sell stock or debt. Viasat has soared 730% in the past 12 months. Science Applications International — Shares rose 16% after the engineering and IT services contractor reported first-quarter earnings per share excluding one-time items of $3.23, beating analysts’ estimates of $2.28, and revenue of $1.91 billion, beating expectations, according to figures compiled by FactSet. The company’s full-year EPS outlook also significantly exceeded Street expectations. Nvidia, Microsoft — The hyperscaler’s stock rose after Nvidia announced a new processor for personal computers in collaboration with Microsoft. Nvidia rose 4% and Microsoft rose 2%. Dell, HP, Arm — derivatives of Nvidia’s computer chip announcement also jumped on the news. Shares of Dell and HP, which will make computers with the new chips, each rose 8%. Shares in Arm, whose technology was used by Nvidia to develop new chips, soared 17%. Qualcomm, Intel, Advanced Micro Devices — chip-making competitors declined as Nvidia rose to prominence. Qualcomm stock fell 7%, and Intel stock fell more than 3%. AMD stock fell more than 1%. Taylor Morrison Home — Shares rose 22% after Berkshire Hathaway agreed to buy the company for $6.8 billion. Berkshire CEO Greg Abel called Taylor Morrison a best-in-class homebuilder and said the addition to the company’s portfolio will help bring home ownership to more Americans. Berkshire stock fell slightly. International Business Machines — Shares rose 9% after Barclays initiated coverage with an Overweight rating. Analysts say quantum computing is poised to become the next major computing paradigm, and IBM’s strategy for this technology is compelling. Melius Research also raised its price target for IBM. Software Stocks — Software gains gained momentum on the first trading day of June as the iShares Expanded Technology Software Sector ETF (IGV) rose 5.2%. ServiceNow stock rose 9%. Workday and Adobe stock rose 7% and 6%, respectively. Salesforce stock rose 10%. Robinhood, Coinbase — The trading platform’s shares fell as Bitcoin prices fell below $73,000, the lowest since mid-April. Robinhood stock fell 3.2%, and Coinbase stock fell nearly 2%. — CNBC’s Darla Mercado, Alex Harring and Scott Schnipper contributed reporting.
