Check out the companies making the biggest moves midday:
Beyond Meat: Shares of the developer of plant-based meat substitutes rose 10.15% after the firm reported a smaller-than-expected loss for the most recent quarter, amid decreasing sales and lacklustre demand.
Live Nation: Despite posting fourth-quarter sales of $4.29 billion, up roughly 60% year over year and above StreetAccount’s expectation of $3.6 billion, the ticker seller plummeted 10.08%. The adjusted operating income was $97.8 million, which was less than the $106 million predicted. Live Nation is still under fire following the Taylor Swift ticketing fiasco.
Yeti Holdings: The cooler company’s shares slid 2.49% following a downgrade to neutral from buy at Goldman Sachs. Yeti Holdings’ development prospects, according to the Wall Street bank, are bleak from here.
Boeing: Boeing’s shares fell 4.8% after the industrial behemoth announced a temporary pause in 787 Dreamliner deliveries in order to conduct an extra investigation on a fuselage component.
Edison International: The power firm announced core earnings per share of $1.15, above StreetAccount’s forecast of $1.09. Edison also maintained its 2021–2025 compound annual profit growth rate objective of 5%–7%.
EOG Resources: According to StreetAccount, the energy business fell 4.41% after posting fourth-quarter results, excluding adjustments, that fell short of analysts’ estimates. Nonetheless, the corporation outperformed in terms of sales.
Etsy: A day after rising more than 2% on its fourth-quarter earnings beat, Etsy fell 5.68%. The business also provided cautious guidance for the first quarter, estimating gross merchandise revenue of $2.95 billion to $3.15 billion. This compares to $3.25 billion in the first quarter of 2022.
Intuit: The manufacturer of TurboTax software rose 1.93% as its fiscal second-quarter profits and revenue blew beyond estimates. Adjusted profits per share came in at $2.20, versus StreetAccount’s forecast of $1.47, and sales were $3.04 billion, compared to the $2.91 billion predicted.
Autodesk: Shares fell 12.95% after the software business provided a dovish profit outlook for the first quarter. According to Refinitiv, Autodesk outperformed fourth-quarter estimates on both the top and bottom lines.
Carvana: Carvana’s stock dropped 20.54% after the company disclosed a fourth-quarter loss of $7.61 per share, which was more than the expected loss of $2.28 per share, according to Refinitiv. The used vehicle reseller earned $2.84 billion, less than the $3.1 billion expected.
Adobe: Adobe shares fell 7.63% after Bloomberg reported, citing people familiar with the subject, that the United States Justice Department is planning a lawsuit to stop the company’s $20 billion acquisition of startup Figma.
Moderna: The drugmaker’s shares fell 5.63% after falling 6.7% the day before due to a weaker-than-expected earnings announcement. Moderna attributed the outcome to higher costs due to excess production capacity and decreasing demand for its COVID-19 vaccine.
