Lyft, Carvana, Warner Bros. Discovery, DraftKings
Confetti falls as Lyft CEO Logan Green (C) and Chairman John Zimmer (LEFT C) ring the Nasdaq opening bell celebrating the company’s initial public offering (IPO) on March 29, 2019 in Los Angeles, California. Shares of the ride-hailing app company were initially priced at $72.
Mario Tama/Getty Images
Find out which companies are making headlines Friday at noon.
Warner Bros. Discovery – Shares in the media company cratered 15.8% after Warner Brothers released its first earnings report since its merger. Warner Bros. Discovery also announced plans to combine its HBO Max and Discovery+ streaming services.
Lyft — Lyft climbed 14.2% after sharing an unexpected profit in the last quarter. Revenues fell in line with estimates.
Beyond Meat – Shares of the plant-based meat maker soared 22.7% even after the company shared last quarter results that missed the top and bottom results. Beyond Meat also announced it was cutting 4% of its workforce.
Carvana – Shares of the online used-car seller soared 32.5% on Friday as the company announced it would aggressively cut costs in anticipation of an economic slowdown.
Block – Shares of the owner of Square lost more than 2% due to a 34% decline in Cash App revenue in the prior quarter. This decline overshadowed a stronger-than-expected profit.
DraftKings – The sports betting company jumped 11% after reporting better-than-expected adjusted revenue and earnings for its latest quarter. DraftKings also raised its full-year revenue forecast despite a bleak macroeconomic outlook.
Paramount – Shares fell 5% after JPMorgan downgraded Paramount to underweight from neutral, citing bigger macro challenges ahead for the media company. Paramount reported strong second-quarter results this week, but lower revenue and free cash flow weighed on results.
DoorDash – Shares of the food delivery company traded slightly lower, giving up earlier gains, as investors digested a quarterly report that showed a bigger-than-expected loss per share. DoorDash lost 72 cents per share in the second quarter, more than a 41-cent loss analysts had expected, according to Refinitiv. Its earnings, however, exceeded expectations.
AMC Entertainment – The cinema chain rebounded 13% after announcing Thursday evening its intention to issue a dividend in the form of preferred shares, under the symbol “APE”. The move came after investors rejected efforts by the company to issue additional shares last year to raise funds.
Sunrun – Shares jumped 7% after Barclays launched coverage of the residential solar installation company with an overweight rating. The investment firm said Sunrun shares could rise on the back of an ambitious clean energy bill that could “trigger a long cycle of subsidized growth” if passed. Sunrun also reported earnings this week that beat analysts’ expectations, according to FactSet.
Virgin Galactic – Shares fell 15% after the company said it was pushing back the commercial launch of spaceflight until the second quarter of 2023. Truist downgraded Virgin Galactic shares to a sell rating as the company continues to operate with cash and delayed flights.
Twilio – Twilio’s stock fell 13% despite lower revenue after the communications software company shared weak guidance for the current period. Following the report, Stifel downgraded the tech company’s shares to a buy reserve and halved its price target on the stock.
iRobot – Shares of iRobot soared more than 19% after Amazon announced plans to acquire the robotic vacuum cleaner for $1.7 billion, or $61 per share.
– CNBC’s Sarah Min, Tanaya Macheel, Yun Li and Michelle Fox contributed reporting.