Stocks making the biggest moves midday: Roblox, Shopify, Upstart and more
Check out the companies making headlines in midday trading.
Roblox — Shares of the metaverse-focused gaming company plunged more than 25% after Roblox’s latest quarterly report missed Wall Street expectations. Roblox posted a loss of 25 cents per share on revenue of $770 million. Analysts surveyed by Refinitiv expected a loss of 13 cents per share on revenue of $772 million.
Shopify — The e-commerce platform tanked more than 18% in midday trading after the company said revenue growth for 2022 would be slower than the 57% it achieved in 2021. Shopify, however, beat on the top and bottom lines of its quarterly results.
Upstart — Shares of the consumer lending platform surged more than 35% after reporting earnings well above Wall Street estimates. Upstart reported earnings of 89 cents per share, topping estimates of 51 cents, according to Refinitiv. Revenue also beat forecasts. The company also issued strong first-quarter and full-year revenue guidance.
ViacomCBS – The media stock dropped 21% on Wednesday after the company, now known as Paramount Global, reported weaker than expected earnings for the fourth quarter. Bank of America also downgraded the stock to neutral, saying that Paramount’s focus on streaming lowered the chances of a takeover offer in the near term.
Macy’s — Shares of the department store rallied more than 4% after Evercore ISI upgraded Macy’s to outperform from in-line, saying in a note to clients that the retailer’s stock did not reflect the upside potential for its sales and profits.
Vacasa — The vacation-rental company’s stock rose more than 11% in midday trading after JPMorgan initiated coverage with an overweight rating, saying in a note that the company has some competitive edges over more established names in the space.
Airbnb — Shares of the vacation rental company jumped 5% after Airbnb reported better-than-expected results for earnings and sales in the fourth quarter. The company said the lead times for bookings in the U.S. and Europe have returned to pre-pandemic levels.
Generac — The stock allied more than 10% after earnings beating top and bottom line estimates for its quarterly results. The maker of generators and power equipment earned an adjusted $2.51 per share, 11 cents above estimates, as both commercial and residential sales rose more than 40%.
Kraft Heinz — Shares of the food company rose 3.5% after reporting better-than-expected earnings and revenue for the fourth quarter. Kraft Heinz report an adjusted quarterly profit of 79 cents per share beating estimates by 16 cents.
La-Z-Boy — The furniture company’s stock plunged more than 17% following a big earnings miss. La-Z-Boy reported earnings of 65 cents per share last quarter, well below the 89-cent consensus estimate, according to Refinitiv. The company said it experienced multiple production issues related to the pandemic.
— with reporting from CNBC’s Yun Li, Jesse Pound and Hannah Miao.