Shares transfer noon: LYFT, SPOT, EXPE, YELP
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Check out the companies making headlines in midday trading.
lyft — Ridesharing stock plummeted 36.4% after releasing disappointing first-quarter guidance. Lyft was also hit by a series of downgrades from analysts who said Uber appeared better positioned to benefit from the broader ride-sharing recovery. Over Shares were also down 4.4%.
Spotify — The music streamer’s shares rose 3.6% after it was announced that ValueAct had acquired a stake in the company. Spotify recently reported fourth-quarter results that showed strong user growth.
Expedia — The travel company’s stock fell 8.6% after it failed to meet analysts’ sales and earnings expectations for the most recent quarter. Expedia posted adjusted earnings of $1.26 per share on revenue of $2.62 billion. Analysts called for earnings of $1.67 per share on sales of $2.70 billion, according to Refinitiv.
howl — According to Refinitiv, Yelp’s stock rose 3.2% after fourth-quarter revenue beat analysts’ expectations. The company is reporting earnings that are within the range of estimates.
Confirm — Buy now, pay later stock fell 5.8% after Morgan Stanley downgraded it to equal weight from an overweight rating. The Wall Street firm said Affirm’s offerings appear too concentrated.
PayPal — PayPal shares traded 3% higher after CEO Dan Schulman announced plans to exit the online payments company by the end of the year.
VF Corp — Shares rose 0.9% after Stifel upgraded the clothing maker to a buy from a hold position. Stifel said the company, which is the parent company of brands like Vans and The North Face, had an attractive share price after a sell-off due to a dividend cut.
FREYR battery — Shares of the battery maker rose 1.5% after Bank of America began covering 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.
cloud flare — The cybersecurity stock gained nearly 3.3%. Late Thursday, Cloudflare released beats on the top and bottom lines for the fourth quarter. The company earned an adjusted 6 cents a share on sales of $275 million. Analysts polled by Refinitiv were expecting 5 cents a share and $274 million in revenue. Cloudflare’s full-year revenue guidance also beat estimates.
Deutsche Bank – Shares fell 3% after Bank of America downgraded Deutsche Bank from neutral to underperforming, saying the European bank was “struggling to improve profitability.”
Newell brands — Shares in consumer goods were recently up 1.2%. According to StreetAccount, Newell missed first-quarter and full-year EPS and revenue guidance, which missed analysts’ estimates. CEO Ravi Saligram also announced his resignation effective May 16.
Motorola solutions — Shares rose 5.6%, according to FactSet, after Motorola Solutions beat analysts’ expectations on both revenue and earnings for the most recent quarter.
doximity — Doximity shares fell nearly 13% on the lighter-than-expected guidance for the current quarter and full year. The decline in shares came despite beating analyst expectations at the top and bottom, according to FactSet.
Top golf Callaway brands — Shares of the golf company fell 2.6% after the company posted a loss per share of 27 cents excluding special 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 coverage