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.
Discovery of Warner Bros. — Shares of the media company cratered 15.8% after Warner Brothers released its first earnings report since its merger. Warner Bros Discovery too announced plans to combine its HBO Max and Discovery+ streaming services.
Lyft — Lyft climbed 14.2% after sharing an unexpected profit for the last quarter. Revenues fell in line with estimates.
Beyond meat — The plant-based meat maker’s stock jumped 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 said it would aggressively cut costs in anticipation of an economic slowdown.
To 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.
Primordial — Shares fell 5% after JPMorgan downgraded Paramount from neutral to underweight, 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 trades 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. His earnings, however, exceeded expectations.
AMC Entertainment – The Theater Channel rose 13% after announcing its intention to issue a dividend on Thursday evening 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 company said Sunrun shares could rise on the back of an ambitious clean energy bill which could “trigger a long cycle of subsidized growth” if adopted. Sunrun also reported earnings this week that beat analysts’ expectations, according to FactSet.
Galactic Virgo – Shares fell 15% after the company announced it would push back the commercial launch of spaceflight until the second quarter of 2023. Truist downgraded shares of Virgin Galactic to a sales note as the company continues to run with cash and overdue flights.
Twilio — Twilio’s stock fell 13% despite falling revenue after communications software company shared weak forecast 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.
i robot — Shares of iRobot skyrocketed over 19% after Amazon announced plans to acquire the robot vacuum cleaner 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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