Stocks making the biggest moves midday: Hims & Hers Health, Norwegian Cruise Line, Target and more

In midday trading, notable stock movements include Hims & Hers Health, which surged over 30% due to new offerings in its weight loss program, and Wix.com, jumping over 25% after strong Q1 results and raised annual guidance. Meanwhile, Norwegian Cruise Line saw an 8% rise after uplifting its full-year earnings outlook and reporting impressive Q1 results.

Conversely, Target's shares fell by 2.2% after announcing price cuts on numerous items to attract budget-conscious consumers. Li Auto's shares dropped 13% following disappointing Q1 earnings and weak revenue guidance. On the positive side, Teradyne gained over 5% after an upgrade from Goldman Sachs, citing potential in its chip testing business.

Wix.com posted better-than-expected first-quarter results, causing its shares to jump more than 25%. The web development company reported total revenue of $419.8 million, up 12% year over year, and non-GAAP net income of $77.3 million, or $1.38 per basic share and $1.29 per diluted share. These figures exceeded market expectations. As a result, Wix.com raised its full-year guidance on free cash flow. The company now expects to generate free cash flow, excluding headquarters costs, of $445 - $455 million, or ~26% of revenue in 2024, up from $370 - $400 million, or 21-23% of revenue. This increase in free cash flow is primarily driven by increased bookings expectations and a more favorable gross margin mix as Creative Subscriptions growth is expected to accelerate throughout the year.