Confetti falls as Lyft CEO Logan Green (C) and President 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
See the companies making headlines in midday trading on Friday.
Warner Bros. Discovery — The media company’s stock cratered 15.8% after Warner Brothers posted its first post-merger earnings report. Warner Bros. Discovery also said it plans to combine its HBO Max and Discovery+ streaming services.
Lyft — Lyft rose 14.2% after sharing a surprise profit for its latest quarter. Revenue fell in line with estimates.
Beyond Meat — The plant-based meat company’s stock soared 22.7% even after the company shared its latest quarter results, which missed on the top and bottom lines. Beyond Meat also said it cut 4% of its workforce.
Carvana — Shares of the online used car seller jumped 32.5% on Friday as the company said it would aggressively cut costs in preparation for an economic downturn.
Block – Shares of the Square owner lost more than 2% due to a 34% drop in Cash App revenue last quarter. That decline overshadowed a stronger-than-expected gain.
DraftKings – The sports betting company jumped 11% after reporting better-than-expected revenue and adjusted earnings for the latest quarter. DraftKings also raised its full-year revenue guidance despite a bleak macroeconomic outlook.
Paramount — Shares fell 5% after JPMorgan downgraded Paramount to underweight from neutral, citing greater macroeconomic challenges for the media company. Paramount reported strong second-quarter earnings this week, but falling revenue and free cash flow weighed on results.
DoorDash – Shares of the food delivery company traded 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 analysts expected a loss of 41 cents, according to Refinitiv. However, its revenue exceeded expectations.
AMC Entertainment – The theater chain rallied 13% after announcing late Thursday that it planned to issue a dividend in the form of preferred stock, ticker “APE.” The move came after investors rejected the company’s attempts to issue additional shares last year as a way to raise money.
Sunrun — Shares jumped 7% 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 fell 15% after the company said it is suspending commercial spaceflight launches until the second quarter of 2023. Truist downgraded Virgin Galactic shares to a sell rating as the company continues to run on cash and delayed flights.
Twilio — Twilio stock fell 13% despite a drop in revenue after the communications software company’s weak guidance for the current period. Following the report, Stifel downgraded shares of the tech company to hold from buy and cut its price target on the stock in half.
iRobot — Shares of iRobot soared more than 19% after Amazon said it plans to acquire the robotic vacuum maker for $1.7 billion, or $61 a share.
— CNBC’s Sarah Min, Tanaya Macheel, Yun Li and Michelle Fox contributed to this report.