Confetti falls as Lyft CEO Logan Green (C) and Chairman John Zimmer (C LEFT) ring the Nasdaq opening bell to celebrate the company’s initial public offering (IPO) on March 29, 2019 in Los Angeles, California. Shares of the travel app company were initially priced at $72.
Mario Tama/Getty Images
Check out the companies making headlines in Friday’s midday trading.
Warner Bros. Discovery: Shares of the media company fell 16.5% after Warner Brothers posted its first earnings report since its merger. Warner Bros. Discovery also said it plans to combine its HBO Max and Discovery+ streaming services.
Lyft: Lyft soared 16.6% after sharing a windfall in the last quarter. Revenue fell in line with estimates.
Beyond meat: Shares of the plant-based meat maker soared 21.9% even after the company shared last quarter results that were missing from the top and bottom lines. Beyond Meat also said it was cutting 4% of its workforce.
Carvana – Shares of the online used car seller jumped 40.1% on Friday as the company said it would aggressively cut costs to prepare for an economic downturn.
Blog: Shares of owner Square lost more than 2% on a 34% drop in revenue from the Cash app in the previous quarter. That drop overshadowed a better-than-expected profit.
DraftKings: The sports betting company jumped 9.8% after reporting better-than-expected revenue and adjusted earnings for its latest quarter. DraftKings also raised its full-year revenue forecast despite a gloomy macro outlook.
Paramount: Shares fell 4.2% after JPMorgan downgraded Paramount to underweight from neutral, citing greater macro challenges for the media company. Paramount reported strong second-quarter earnings this week, but falling revenue and free cash flow weighed on the results.
DoorDash: Shares of the food delivery company traded 1.3% lower, giving up earlier gains, as investors digested a quarterly report that showed a bigger-than-expected loss per share. According to Refinitiv, DoorDash lost 72 cents per share in the second quarter, more than the 41 cents analysts expected. Its income, however, exceeded expectations.
AMC Entertainment – The theater chain jumped 18.9% after announcing late Thursday that it planned to issue a dividend in the form of preferred stock, under the symbol “APE.” The move came after investors rejected the company’s efforts to issue additional shares last year as a way to raise money.
Sunrun: Shares rose 4.5% after Barclays initiated coverage on the residential solar installer with an overweight rating. The investment firm said Sunrun shares could rise on an ambitious clean energy bill that could “start a long cycle of subsidized growth” if passed. Sunrun also reported earnings this week that beat analysts’ expectations, according to FactSet.
Virgin Galactic: Shares plunged 17.5% after the company said it was delaying the commercial launch of space flights until the second quarter of 2023. Truist downgraded Virgin Galactic shares to a sell rating, already that the company continues to make cash and delay flights.
Twilio: Twilio shares fell 13.5% despite a rise in revenue after the communications software company shared weak guidance for the current period. Following the report, Stifel downgraded the tech company’s stock to a hold from a buy and cut its price target on the stock in half.
iRobot: Shares of iRobot soared more than 19.1% after Amazon announced it plans to acquire the robotic vacuum cleaner maker for $1.7 billion, or $61 per share.
– CNBC’s Sarah Min, Tanaya Macheel, Yun Li and Michelle Fox contributed reporting.
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