Stock Market

Stocks making the biggest moves midday: Lyft, Spotify, Expedia, Yelp and more

In this article

Ramin Talaie | Corbis News | Getty Images

Check out the companies making headlines in midday trading.

Lyft — The ridesharing stock cratered 36.4% after issuing disappointing guidance for its first quarter. Lyft also got hit by a slew of downgrades from analysts who said Uber may look better positioned to capitalize on the broader recovery in ridesharing. Uber shares were also down 4.4%.

Spotify — Shares of the music streamer jumped 3.6% after news that ValueAct has taken a stake in the company. Spotify recently reported fourth-quarter results that showed strong user growth.

Expedia — The travel company’s stock toppled 8.6% after falling short of analysts’ revenue and earnings expectations for the recent quarter. Expedia posted adjusted earnings of $1.26 a share on revenues of $2.62 billion. Analysts called for earnings of $1.67 per share on $2.70 billion in revenue, according to Refinitiv.

Yelp — Yelp’s stock jumped 3.2% after fourth-quarter revenue beat analysts expectations, according to Refinitiv. The company posted earnings that were in line with estimates.

Affirm — The buy now, pay later stock shed 5.8% following a downgrade to equal weight from an overweight rating by Morgan Stanley. The Wall Street firm said that Affirm’s offerings appear too focused.

PayPal — PayPal shares traded 3% higher after CEO Dan Schulman announced plans to retire from the online payments company by the end of the year.

VF Corp — Shares rose 0.9% after Stifel upgraded the apparel maker to a buy from a hold. Stifel said the company, which is the parent of brands including Vans and The North Face, was at an attractive stock price following a selloff on the back of a dividend cut.

FREYR Battery — Shares of the battery manufacturer climbed 1.5% after Bank of America initiated coverage of the stock with a buy rating. Bank of America said the startup’s battery cell design and ability to raise capital made it a strong candidate to grow into a larger company.

Cloudflare — The cybersecurity stock added just below 3.3%. Late Thursday, Cloudflare posted beats on the top and bottom lines for the fourth quarter. The company earned an adjusted 6 cents per share on $275 million in revenue. Analysts surveyed by Refinitiv were expecting 5 cents per share and $274 million of revenue. Cloudflare’s full-year revenue guidance also topped estimates.

Deutsche Bank — Shares fell 3% after Bank of America downgraded Deutsche Bank to underperform from neutral, saying the European bank is “struggling to improve profitability.”

Newell Brands  — Shares of the consumer goods were last up 1.2%. Newell provided first-quarter and full-year EPS and revenue guidance that missed analysts’ estimates, according to StreetAccount. CEO Ravi Saligram also announced his retirement, effective May 16.

Motorola Solutions — Shares rose 5.6% after Motorola Solutions beat analysts’ expectations on both the top and bottom lines for the recent quarter, according to FactSet.

Doximity — Doximity shares shed nearly 13% on lighter-than-expected guidance for the current quarter and full year. The decline in shares came despite a top-and-bottom line beat on analysts’ expectations, according to FactSet.

Topgolf Callaway Brands The golf company’s stock fell 2.6% after the company posted a per-share loss of 27 cents, excluding items. Adjusted earnings before interest, taxes, depreciation and amortization for the fourth quarter came in below analysts’ expectations, according to FactSet.

— CNBC’s Jesse Pound, Alex Harring, Michelle Fox, Sarah Min and Yun Li contributed reporting

Articles You May Like

Here’s why housing inflation is still stubbornly high
Mortgage refinance demand drops further, despite homeowners sitting on $17 trillion in equity
Tennessee county approves $630 million in bonds
Pelosi and Clooney deliver new blows to Biden re-election bid
China gears up for next week’s Third Plenum meeting. Here’s why real estate isn’t likely the main focus