Billionaire entrepreneur Richard Branson prepares to spray champagne after taking a crew in the Virgin Galactics VSS Unity passenger rocket plane to the edge of space at Spaceport America near Truth or Consequences, New Mexico, the United States, July 11, 2021 has flown.
Joe Skipper | Reuters
Check out the companies that are making the headlines in midday trading.
Robinhood – Robinhood’s shares rose more than 9% after the company reiterated that it will not sell additional shares. On Thursday, the company announced that existing shareholders will sell up to 97.9 million shares over time. The trading app also made it clear on Friday morning that these sales would not start immediately, which allayed concerns about an immediate spike in stock supply that could weigh on the stock.
Yelp – The operator of the online reviews site rose over 7% after reporting quarterly earnings of 5 cents per share late Thursday, beating projections of a 9 cents per share loss. The company also beat sales estimates and raised its guidance for the full year, citing continued strong ad revenue.
Virgin Galactic – Virgin Galactic shares rose more than 7% following the space tourism company’s second quarter results. Virgin Galactic announced that it would resume ticket sales with seats starting at $ 450,000, while further delaying the start of commercial service. Wall Street had mixed views on the news.
Dropbox – The cloud storage company’s stocks rose more than 3% after earnings. Dropbox beat sales and earnings estimates in the second quarter, making 40 cents per share excluding items on sales of $ 531 million. Analysts surveyed by Refinitiv expected the company to make 33 cents per share on sales of $ 524 million.
DraftKings – The sports betting company saw its share price jump 1.9% after a stronger-than-expected quarterly report. DraftKings reported quarterly earnings and revenue that beat analysts’ estimates and raised its revenue forecast for full year 2021.
Novavax – The drugmaker’s shares plummeted more than 19% after the company announced it was postponing its Covid-19 vaccine application until the fourth quarter. Novavax also posted unexpectedly large losses and sales that fell short of Wall Street’s expectations.
Didi Global – The Chinese ride-hailing company rose about 0.5% after Bloomberg News reported the company is considering giving up control of its most valuable data in order to resolve a regulatory investigation by the Chinese government. Chinese regulators launched a cybersecurity review, forcing Didi to stop signing up new users during the process.
Carvana – Carvana stock rose over 1% after the online used car dealer posted an unexpected profit last quarter. It was the company’s first profitable quarter. Carvana also posted better-than-expected sales as auto sales saw a boom in demand since the pandemic began last year.
– CNBC’s Maggie Fitzgerald, Hannah Miao, Pippa Stevens and Tanaya Macheel contributed to the coverage.
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