Stocks making the biggest moves midday: DraftKings, Shake Shack, Redfin, Ford and more
Check out the companies making headlines in midday trading.
Roku — Roku shares were down nearly 25% after the company reported revenue for the most recent quarter that fell short of analysts’ forecasts. Roku also issued a weaker-than-expected outlook due to higher component prices and supply chain disruptions.
DraftKings — Sports betting company DraftKings saw shares tumble nearly 17% after it reported a narrower-than-expected quarterly loss and issued guidance projecting a wider-than-expected adjusted loss for the full year.
Bloomin’ Brands — Shares of the Outback Steakhouse parent jumped more than 7% after the company reported a quarterly earnings beat and a modest revenue beat. Bloomin’ also reinstated its quarterly dividend and announced a new $125 million share buyback program.
Virgin Galactic – Shares of Virgin Galactic fell more than 6% following the announcement that Chairman Chamath Palihapitiya will be stepping down from the board of directors, effective immediately. His special purpose acquisition company took Virgin Galactic public in 2019. Palihapitiya said he’s leaving “to focus on other existing and upcoming public board responsibilities.”
Dollar Tree — Shares of the discount retailer jumped more than 4% and was one of the top gainers in the S&P 500, after the company announced executive chairman Bob Sasser will retire and be given the title of Chairman Emeritus.
Redfin — The real estate brokerage’s shares tumbled by 25% after RBC Capital Markets downgraded the stock to sector perform from outperform, calling the bull case for the stock “broken.” Redfin on Thursday reported a smaller-than-expected loss for the fourth quarter and beat on revenue. Real estate services unit and gross margins missed expectations.
Shake Shack — The restaurant chain’s shares fell 5% after the company issued quarterly revenue guidance below estimates, noting that labor shortage challenges stemming from the omicron variant led the company to close restaurants. Shake Shack said it expects $196 million to $201.4 million in revenue for the first quarter, compared with estimates of $210.9 million.
Pilgrim’s Pride — Shares of the poultry producer sank more than 14% after the Brazilian meatpacker JBS withdrew from plans to buy the remaining 20% of the company it doesn’t already own, saying the two sides couldn’t agree on terms of a deal.
Intel — Shares of Intel were down about 5.8%, leading laggards on the Dow Jones Industrial Average. Bank of America reiterated an underperform rating on the stock.
Ford — The automaker’s shares rose more than 2% following a Bloomberg report that CEO Jim Farley is evaluating options to separate the company’s electric vehicle unit from its legacy internal combustion engine business, and could even be weighing a spinoff of one of them.
General Electric — The electric company saw its shares slide almost 6% after it provided a profit outlook for 2022 saying supply chain challenges continue to pressure its health care, renewable energy and aviation businesses and could remain through the first half of 2022. “As a result, supply chain headwinds may continue to partially mask the significant progress we are making across our businesses,” the company said in an 8-K filing.
— CNBC’s Hannah Miao contributed reporting