Aug 05, 2022
Stocks making the biggest moves midday: Lyft, Carvana, Warner Bros. Discovery, DraftKings
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Check out the companies making headlines in midday trading Friday.
Warner Bros. Discovery — The media company's stock cratered 15.8% after Warner Brothers posted its first earnings report since its merger. Warner Bros. Discovery also said it plans to combine its HBO Max and Discovery+ streaming services.
Lyft — Lyft soared 14.2% after sharing an unexpected profit for the recent quarter. Revenue fell in-line with estimates.
Beyond Meat — The plant-based meat maker's stock soared 22.7% even after the company shared results for the recent quarter that missed on the top and bottom lines. Beyond Meat also said its 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 preparation for an economic downturn.
Block – Shares of the Square owner lost more than 2% on the back of a 34% drop in Cash App revenues in the previous quarter. That drop overshadowed a stronger-than-forecast profit.
DraftKings – The sports betting company jumped 11% after it reported better-than expected-revenue and adjusted earnings for its latest quarter. DraftKings also raised its full-year revenue forecast despite a gloomy macro outlook.
Paramount — Shares dropped 5% after JPMorgan downgraded Paramount to underweight from neutral, citing greater macro challenges ahead for the media company. Paramount reported strong second-quarter earnings this week, but falling income and free cash flow numbers 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 greater loss per share than anticipated. DoorDash lost 72 cents per share in the second quarter, wider than a loss of 41 cents analysts were expecting, according to Refinitiv. Its revenue beat expectations, however.
AMC Entertainment - The theater chain rallied 13% after announcing late Thursday it planned to issue a dividend in the form of preferred shares, under the symbol "APE." The move came after investors rejected the company's efforts to issue additional stocks last year as a way to raise money.
Sunrun — Shares jumped 7% after Barclays initiated coverage of the residential solar installer company with an overweight rating. The investment firm said shares of Sunrun could surge on the back of an ambitious clean energy bill that could "kick off a long subsidized growth cycle" if passed. Sunrun also reported earnings this week that beat analyst expectations, according to FactSet.
Virgin Galactic — Shares plummeted 15% after the company said it's pushing back the commercial launch of space flights until the second quarter of 2023. Truist downgraded shares of Virgin Galactic to a sell rating as the company continues to run through cash and delay flights.
Twilio — Twilio's stock tumbled 13% despite a revenue beat after the communications software company shared weak guidance for the current period. Following the report, Stifel downgraded shares of the technology company to a hold from a buy and halved its price target on the stock.
iRobot — Shares of iRobot skyrocketed more than 19% after Amazon announced 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 reporting.TVWATCH LIVEWATCH IN THE APPUP NEXT | ETListen
News Source: CNBC
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Making waves: Surfers caught cruising down Venice canal
Surf's no longer up for two people caught using motorized surfboards in the Grand Canal in Venice, Italy.
Mayor Luigi Brugnaro shared a video of two people surfing down the canal taken Wednesday morning, describing the surfers as “two overbearing imbeciles who are making a mockery of the city" and vowing to give anyone who identifies the surfers a dinner as a reward.
VENICE TO BECOME FIRST CITY TO CHARGE TOURISTS ENTRANCE FEE
Ecco due imbecilli prepotenti che si fanno beffa della Città… chiedo a tutti di aiutarci a individuarli per punirli anche se le nostre armi sono davvero spuntate… servono urgentemente più poteri ai Sindaci in tema di sicurezza pubblica!
A chi li individua offro una cena! pic.twitter.com/DV2ONO3hUs
Brugnaro later confirmed the two "heroes" were identified and that the surfboards had been confiscated by the city, promising more details on the situation at a later time. It is unclear which charges, if any, the surfers will face.
Venice has strict laws for its Grand Canal, which include bans on recreational boats, paddleboards, kayaks, and canoes, along with no swimming in any of the canals in the city.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
The city, which is a popular tourist destination, is implementing a fee for tourists to enter the city for the day beginning next year. The tax will range from 3 euros to 10 euros, depending on the day.Italy Venice News Mediterranean Sea