S&P 500 top movers: Qorvo Inc (QRVO: NASDAQ) gains more than 8% on target price hikes

  • S&P 500 is gaining more than 2.5% on Wednesday.
  • Qorvo Inc (QRVO: NASDAQ) shares are up more than 8%.
  • Airline and cruise liners stocks are suffering heavy losses.

After falling sharply in the previous three trading days, the S&P 500 Index (SPX) opened decisively higher on Wednesday and preserved its bullish momentum. As of writing, the SPX was up 2.55% on the day at 3,416.

S&P 500 top movers

Following the closing bell on Tuesday, Qorvo Inc (QRVO: NASDAQ) release its updated financial guidance and said that it sees second-quarter revenue of $1-$1.03 billion. At least five brokerages, including JP Morgan, UBS and Piper Sandler, hiked their price target for QRVO. Boosted by these developments, QRVO is trading at $123.81, up 8.5% on the day as the top daily percentage gainer.

Among the other major technology stocks, NVIDIA Corp (NVDA: NASDAQ), Align Technology Inc (ALGN: NASDAQ) and Microsoft Corp (MSFT: NASDAQ) are up between 6.6% and 5.2%.

On the other hand, reports of AstraZeneca halting its phase-3 COVID-19 vaccine trial after one person participating in the experiment fell ill with inflammation in the spinal cord seem to be weighing on airline and cruise liner stocks. At the moment, American Airlines Group Inc (AAL: NASDAQ), Norwegian Cruise Line Holdings Ltd (NCLH: NYSE), United Airlines Holdings Inc (UAL: NASDAQ) and Alaska Air Group Inc (ALK: NYSE) shares are losing between 4.4% and 2.7%. 

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