Patties of Beyond Meat Inc.’s plant-based burger Beyond Burger are cooked on a skillet.
Yuriko Nakao | Getty Images
Check out the companies making the biggest moves midday:
Beyond Meat — Shares of the maker of plant-based meat alternatives surged 10.15% after the company posted a smaller-than-expected loss for the recent quarter despite dwindling sales and soft demand.
Live Nation — The ticker seller fell 10.08%, despite reporting fourth-quarter revenue of $4.29 billion, up about 60% year over year and topping StreetAccount’s estimate of $3.6 billion. Adjusted operating income was $97.8 million, below the $106 million expected. Live Nation is facing continued scrutiny after its Taylor Swift ticketing debacle.
Yeti Holdings — The cooler company’s stock slipped 2.49% following a downgrade to neutral from buy at Goldman Sachs. The Wall Street bank said the growth outlook for Yeti Holdings looks murky from here.
Boeing — Shares dropped 4.8% after the industrial giant said it has temporarily halted deliveries of its 787 Dreamliners so it can do additional analysis on a fuselage component.
Edison International — The stock gained 4.21% after the utility company reported core earnings per share of $1.15, beating StreetAccount’s estimate of $1.09. Edison also reiterated its compound annual earnings growth rate target of 5% to 7% for 2021-2025.
EOG Resources — The energy company dropped 4.41% after reporting fourth-quarter earnings, excluding items, that were short of analysts’ expectations, according to StreetAccount. However, the company beat on revenue.
Etsy — Etsy slipped 5.68%, a day after gaining more than 2% on its fourth-quarter earnings beat. The company also offered cautious guidance for its first quarter, anticipating $2.95 billion to $3.15 billion in gross merchandise revenue. That’s down from $3.25 billion in the first quarter of 2022.
Intuit — The maker of TurboTax software gained 1.93% after its fiscal second-quarter earnings and revenue blew past expectations. Adjusted earnings per share came in at $2.20, versus StreetAccount’s estimate of $1.47 and revenue was $3.04 billion, compared to the $2.91 billion expected.
Autodesk — Shares sank 12.95% after the software company issued soft guidance on first-quarter earnings. However, Autodesk beat fourth-quarter expectations on the top and bottom lines, according to Refinitiv.
Carvana — Shares tumbled 20.54% after Carvana reported a fourth-quarter loss of $7.61 per share, greater than the forecasted loss of $2.28 per share, according to Refinitiv. The used car retailer generated revenue of $2.84 billion, lower than expectations of $3.1 billion.
Adobe — Adobe shares shed 7.63% after a Bloomberg report, citing people familiar with the matter, said the U.S. Justice Department is preparing a lawsuit to block the company’s $20 billion acquisition of startup Figma.
Moderna — The drugmaker’s stock dropped 5.63%, a day after losing 6.7% on its weaker-than-expected earnings report. Moderna cited rising costs from surplus production capacity and lower demand for its Covid-19 vaccine for the results.
— CNBC’s Samantha Subin and Sarah Min contributed reporting.
