Stocks making the biggest moves midday: MGM Resorts, Zoom Communications, Nvidia, Viasat, IBM & more

MGM Resorts International — Shares surged 16% after Barry Diller’s People Inc. made an offer to buy the company for $48.30 per share in cash. Diller, who also sits on MGM’s board, said he will recuse himself from board discussions on the proposal.

Zoom Communications — Shares of the work platform jumped more than 11% after Anthropic, which Zoom was an early investor in, confidentially filed a prospectus for an initial public offering with regulators.

Veeva Systems — The cloud-based software company with a focus on life sciences saw shares jump almost 9%, heading for its third straight winning day. Veeva is slated to report first-quarter results on Wednesday. The FactSet consensus expects the company to post earnings of $2.14 per share on revenue of $857.7 million, with both metrics landing within the range of Veeva’s earlier guidance.

Humana — Shares gained 8% after the health insurer reaffirmed its guidance. Humana anticipates full-year adjusted earnings of at least $9 per share, according to a filing with the Securities and Exchange Commission. That surpasses the FactSet consensus call for $8.93 per share.

Viasat — The global satellite communications provider saw shares sink 11% after it filed a shelf registration Friday with the Securities and Exchange Commission to sell stock or debt. Viasat has soared 730% in the past 12 months.

Science Applications International — The engineering and IT services contractor saw shares jump 16% after it reported first-quarter earnings per share of $3.23, excluding one-time items, topped analysts’ estimate of $2.28, and revenue of $1.91 billion beat an expected $1.82 billion, according to numbers compiled by FactSet. Full-year EPS guidance also far surpassed what the Street had forecast.

Nvidia, Microsoft — The hyperscalers’ shares were rising after Nvidia, in a collaboration with Microsoft, revealed a new processor for personal computers. Nvidia was up 4%, while Microsoft was rising 2%.

Dell, HP, Arm — Derivatives of Nvidia’s computer chip announcement were also jumping on the news. Shares of Dell and HP, which are set to manufacture computers featuring the new chip, rose 8% each. Arm, whose technology was used by Nvidia to develop the new chip, saw shares skyrocket 17%.

Qualcomm, Intel, Advanced Micro Devices — As Nvidia rose, its chipmaking competitors fell. Shares of Qualcomm tumbled 7%, while Intel’s stock shed more than 3%. Shares of AMD were off more than 1%.

Taylor Morrison Home — Shares surged 22% after Berkshire Hathaway agreed to acquire 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 deliver homeownership to more Americans. Berkshire shares were slightly lower.

International Business Machines — Shares jumped 9% after Barclays initiated coverage at an overweight rating. Analysts said quantum computing is set to be the next major compute paradigm, and IBM’s strategy on the technology is compelling. Melius Research also hiked its price target on IBM.

Software stocks — The software rally gained steam in the first trading day of June as the iShares Expanded Tech-Software Sector ETF (IGV) rose 5.2%. Shares of ServiceNow were up 9%. Shares of Workday and Adobe climbed 7% and 6%, respectively. Salesforce’s stock umped 10%. 

Robinhood, Coinbase — Shares of the trading platforms were down as Bitcoin prices fell below $73,000, the lowest levels since mid-April. Robinhood’s stock fell 3.2%, while Coinbase’s stock declined nearly 2%.

— CNBC’s Darla Mercado, Alex Harring and Scott Schnipper contributed reporting.