Disney World celebrated its 50th anniversary in April 2022.
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Check out the companies making headlines in midday trading.
Disney — Shares of the media giant slid more than 11% after the company’s quarterly results missed Wall Street expectations on revenue and profit, as both its parks and media divisions underperformed estimates. Disney warned that strong streaming growth for its Disney+ platform may taper going forward. Chief Financial Officer Christine McCarthy tempered investor expectations for the new fiscal year, forecasting revenue growth of less than 10%.
Meta Platforms — The stock jumped 8% after the company announced it will lay off more than 11,000 employees. In a letter to the staff, CEO Mark Zuckerberg said he is “sharing some of the most difficult changes we’ve made in Meta’s history.” Analysts at UBS were encouraged by Meta’s announcement.
D.R. Horton — The homebuilder climbed more than 6% despite reporting weaker-than-expected results for the fourth quarter. The company earned $4.67 per share on $9.64 billion of revenue. Analysts surveyed by Refinitiv were expecting $5.09 per share on $9.97 billion of revenue. However, D.R. Horton’s unit net orders and backlog were higher than expected, and first-quarter guidance was roughly in-line with estimates, according to StreetAccount.
Signature Bank — Shares of the crypto bank lost 6% amid the sell-off in cryptocurrencies and crypto equities, as investors digested the fallout from the liquidity crunch that led Binance, the largest exchange in the world, to offer to bail out rival FTX.
News Corp — Shares slid 5% after the company reported a slight miss on its fiscal first quarter earnings, compared to FactSet estimates. NewsCorp posted revenue that also came in shy of estimates.
Akamai Technologies — The web technology company rose 7% after Akamai reported better-than-expected earnings for the most recent quarter of $1.26 per share. Analysts expected $1.22 per share, according to FactSet. Revenue figures also surpassed expectations.
Affirm — The stock plunged 18% after Affirm disappointed on earnings per share expectations, and issued weaker-than-expected guidance for its fiscal second quarter.
Upstart Holdings — The AI-driven lending platform tumbled 11% after the company issued a weaker-than-expected revenue forecast for the current quarter, citing challenging economic conditions.
AMC Entertainment — Shares dropped 9.8% after the company reported another quarterly loss as operational costs increased. However, the company lost less per share than expected and beat the Wall Street forecast for revenue. Tuesday’s report comes after years of struggling for the movie theater chain as the pandemic prompted a rise of releases going directly to streaming services.
Lucid Group — Shares of the RV maker lost almost 18% after the company reported a third-quarter loss and said plans to raise $1.5 billion through stock sales to fund the electric vehicle maker’s operations.
SeaWorld Entertainment — The stock fell 8% after the company reported weaker-than-expected earnings or $1.99 per share on revenue or $565 million. Analysts were expecting $2.13 per share on revenue of $606 million.
HanesBrands — The apparel maker’s shares were lower by 7% after Hanes missed analysts’ revenue expectations for the third quarter, according to StreetAccount. The company posted $1.67 billion in revenue, compared to forecasts for $1.71 billion.
Roblox — Shares tumbled more than 15% after the company reported a bigger loss than expected for the third quarter. The video-game company had a loss per share of 50 cents, versus 35 cents expected by analysts, according to Refinitiv. However, Roblox beat on bookings revenue.
Kroger — Shares rose 2.6% after Evercore ISI upgraded the company to outperform and boosted its price target, saying shares can surge 18% in the next year. The upgrade comes as Evercore sees Kroger well-positioned to gain as high inflation drives consumers to spend less at restaurants and more at grocery stores. The chain’s merger with Albertsons could also give shares a boost.
— CNBC’s Yun Li, Carmen Reinicke, Jesse Pound, Alexander Haring, Sarah Min, Michelle Fox and Ashley Capoot contributed reporting
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