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Find out which companies are making headlines in the midday business.
Lyft — Rideshare stock cratered 36.4% after it released a disappointing forecast for its first quarter. Lyft has also been hit by a series of downgrades from analysts who said Uber may appear better positioned to capitalize on the broader ride-sharing recovery. Uber shares also fell 4.4%.
Spotify — Shares of the music streamer jumped 3.6% after news broke of ValueAct’s stake in the company. Spotify recently released fourth quarter results that showed strong user growth.
Expedia — The travel agency’s stock fell 8.6% after falling short of analysts’ revenue and profit expectations for the last quarter. Expedia posted adjusted earnings of $1.26 per share on revenue of $2.62 billion. Analysts called for earnings of $1.67 per share on $2.70 billion in revenue, according to Refinitiv.
Yelp – Yelp stock jumped 3.2% after fourth-quarter revenue beat analysts’ expectations, according to Refinitiv. The company posted earnings in line with estimates.
To assert – The stock buy now, pay later fell 5.8% following an equal weight downgrade to an overweight rating by Morgan Stanley. The Wall Street firm said Affirm’s offerings seemed too targeted.
PayPal – PayPal shares rose 3% after CEO Dan Schulman announced plans to exit the online payments company by the end of the year.
V.F. Corp. – Shares rose 0.9% after Stifel upgraded the clothing maker to buy from a wedge. Stifel said the company, which is the parent of brands such as Vans and The North Face, was at an attractive stock price following a sell-off following a dividend cut.
FREYR Battery – Shares of the battery maker soared 1.5% after Bank of America launched coverage of the stock with a buy rating. Bank of America said the startup’s battery cell design and ability to raise capital make it a strong candidate to become a bigger company.
Cloudy — Cybersecurity stock added just under 3.3%. Late Thursday, Cloudflare posted beats on the top and bottom lines for the fourth quarter. The company earned an adjusted 6 cents per share on revenue of $275 million. Analysts polled by Refinitiv had expected 5 cents a share and $274 million in revenue. Cloudflare’s revenue forecast for the full year also exceeded estimates.
German Bank – Shares fell 3% after Bank of America downgraded Deutsche Bank to underperform from neutral, saying the European bank is “struggling to improve profitability”.
Newell Brands — Shares of consumer goods rose 1.2% for the last time. Newell provided first-quarter and full-year EPS and revenue guidance that missed analysts’ estimates, according to StreetAccount. CEO Ravi Saligram also announced his retirement, effective May 16.
Motorola Solutions – Shares rose 5.6% after Motorola Solutions beat analysts’ expectations for last quarter results, according to FactSet.
Doximity – Doximity shares fell nearly 13% on softer-than-expected guidance for the current quarter and full year. The decline in stocks came despite beating analysts’ expectations, according to FactSet.
Topgolf Callaway Brands — Shares of the golf company fell 2.6% after the company posted a loss per share of 27 cents, excluding items. Adjusted earnings before interest, taxes, depreciation and amortization for the fourth quarter were below analysts’ expectations, according to FactSet.
– CNBC’s Jesse Pound, Alex Harring, Michelle Fox, Sarah Min and Yun Li contributed reporting
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