Global Courant 2023-05-11 21:30:00
A man walks in front of a Peloton store in Manhattan on May 5, 2021 in New York.
Jan Smith | Corbis News | Getty Images
Take a look at the companies that take the biggest steps in the afternoon:
Platoon — The fitness platform operator saw shares fall 8.7% after the U.S. Consumer Product Safety Commission said it is recalling more than 2 million bikes over concerns of seat breakage and related injuries. Peloton will offer free, updated seatposts to anyone using the recalled model.
Alphabet — Shares rose 5.1% in a day after Google unveiled new software and gadgets at its developer conference. The tech giant also said it is scrapping the waiting list for its chatbot Bard.
PacWest Bancorp – Shares of the regional bank fell 25% after the company said deposits fell 9.5% for the week ending May 5. Other regional bank stocks followed suit, with Western Alliance and First Horizon losing 7.3% and 3.2% respectively.
Beyond meat — Shares plummeted 13.4% after the alternative meat maker said so plans to sell up to $200 million of its common stock. The company said it plans to use the proceeds for general corporate and working capital purposes. The announcement came after Beyond Meat reported a lower-than-expected first-quarter loss per share.
disney — Disney shares plummeted 8% after the media company reported a drop in streaming subscribers. The entertainment giant also reported sales and profits in line with Wall Street estimates, Refinitiv said.
Icon Enterprises — Shares of Carl Icahn’s conglomerate fell another 4.5% after notable short-seller Hindenburg Research doubled down on its short-selling campaign against the company following its quarterly report. Icahn Enterprises reported a net loss of $270 million in the first quarter, with the hedge fund losing 4.1% over that period. It declared a quarterly dividend of $2 per share.
AppLovin — Shares rose 26% following the company’s first-quarter sales decline. Revenue was $715.4 million, compared to the expected $694.8 million per StreetAccount. AppLovin’s guidance for the second quarter also exceeded expectations.
Goodyear tires and rubbers — The tire manufacturer’s stock then rose almost 20% Elliott Investment Management sent a letter and presentation to the company. Elliott, who has about a 10% stake in Goodyear, said the goal was to “chart the right path forward to create value at Goodyear and realize its full potential.”
Unity software – Shares rose about 13% after the video game software developer reported its first-quarter results. Unity Software’s revenue of $500 million surpassed the $480 million expected by analysts polled by Refinitiv. The company also raised its full-year revenue outlook.
Tapestry — Shares of parent company Coach rose 8% after the company reported stronger-than-expected earnings and earnings for its last quarter. It also gave an optimistic outlook for the year that beat estimates.
Robin Hood — The stock added 4% after the brokerage reported better-than-expected first-quarter earnings. First-quarter revenue was $441 million, against analyst estimates of $425 million, according to Refinitiv. Robinhood also showed growth in monthly users, reaching 11.8 million.
Sonos — Equities plunged 23.8% due to disappointing quarterly results. The company reported an adjusted loss of 24 cents per share, while analysts polled by Refinitiv expected a loss of 18 cents per share. The home sound system maker also lowered its outlook for the second half of fiscal 2023 amid weaker consumer demand and a tightening supply of channel partners.
JD.com — US-listed shares of JD.com rose 4.9% after the Chinese tech company exceeded analysts’ expectations for the first quarter on the top and bottom line. JD.com reported earnings of CNY4.76 per share, beating consensus estimates of CNY3.53. Sales came in at CNY 242.96 billion, exceeding expectations of CNY 240.81 billion. Separately, JD.com said Sandy Ran Xu, the company’s current CFO, is aappointed to succeed Lei Xu as CEO and executive director.
Axon Enterprise – Axon Enterprise gained 3% after JPMorgan said the drop in the stock after its first-quarter results on Tuesday is a buying opportunity. The Taser maker fell 15% on Wednesday after reporting some disappointing total gross margin numbers, even as it further beat analyst expectations.
Albemarle — Shares in the chemical industry rose 2% after being upgraded from sector weighting to overweight by Keybanc, citing improving trends in China’s lithium market.
– CNBC’s Tanaya Macheel, Hakyung Kim, Yun Li, Alex Harring, Samantha Subin and Sarah Min contributed to the reporting.
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