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Check out the companies making headlines in midday trading.
Lyft — The ridesharing stock cratered 36.4% after issuing disappointing guidance for its first quarter. Lyft also got hit by a slew of downgrades from analysts who said Uber may look better positioned to capitalize on the broader recovery in ridesharing. Uber shares were also down 4.4%.
Spotify — Shares of the music streamer jumped 3.6% after news that ValueAct has taken a stake in the company. Spotify recently reported fourth-quarter results that showed strong user growth.
Expedia — The travel company’s stock toppled 8.6% after falling short of analysts’ revenue and earnings expectations for the recent quarter. Expedia posted adjusted earnings of $1.26 a share on revenues of $2.62 billion. Analysts called for earnings of $1.67 per share on $2.70 billion in revenue, according to Refinitiv.
Yelp — Yelp’s stock jumped 3.2% after fourth-quarter revenue beat analysts expectations, according to Refinitiv. The company posted earnings that were in line with estimates.
Affirm — The buy now, pay later stock shed 5.8% following a downgrade to equal weight from an overweight rating by Morgan Stanley. The Wall Street firm said that Affirm’s offerings appear too focused.
PayPal — PayPal shares traded 3% higher after CEO Dan Schulman announced plans to retire from the online payments company by the end of the year.
VF Corp — Shares rose 0.9% after Stifel upgraded the apparel maker to a buy from a hold. Stifel said the company, which is the parent of brands including Vans and The North Face, was at an attractive stock price following a selloff on the back of a dividend cut.
FREYR Battery — Shares of the battery manufacturer climbed 1.5% after Bank of America initiated coverage of the stock with a buy rating. Bank of America said the startup’s battery cell design and ability to raise capital made it a strong candidate to grow into a larger company.
Cloudflare — The cybersecurity stock added just below 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 $275 million in revenue. Analysts surveyed by Refinitiv were expecting 5 cents per share and $274 million of revenue. Cloudflare’s full-year revenue guidance also topped estimates.
Deutsche 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 the consumer goods were last up 1.2%. 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 on both the top and bottom lines for the recent quarter, according to FactSet.
Doximity — Doximity shares shed nearly 13% on lighter-than-expected guidance for the current quarter and full year. The decline in shares came despite a top-and-bottom line beat on analysts’ expectations, according to FactSet.
Topgolf Callaway Brands — The golf company’s stock fell 2.6% after the company posted a per-share loss of 27 cents, excluding items. Adjusted earnings before interest, taxes, depreciation and amortization for the fourth quarter came in below analysts’ expectations, according to FactSet.
— CNBC’s Jesse Pound, Alex Harring, Michelle Fox, Sarah Min and Yun Li contributed reporting
