A man walks in front of a Peloton store in Manhattan on May 5, 2021 in New York.
John Smith | Corbis News | beautiful pictures
Check out the companies making the biggest moves at midday:
dove – The fitness platform operator saw shares drop 8.7% after the US Consumer Product Safety Commission said it was More than 2 million bicycles recalled about concerns about broken seats and related injuries. Peloton will provide updated, free seat posts to anyone using the recalled model.
Alphabet — Stocks up 5.1% a day after Google new software and gadgets revealed at its developer conference. The tech giant also said it is removing the waiting list for its Bard chatbot.
PacWest Bancorp – Shares of the regional bank fell 25% after the company said deposit down 9.5% for the week ended May 5. Other regional banking stocks also followed, with Western Alliance and First Horizon falling 7.3% and 3.2%, respectively.
other than meat – Shares fell 13.4% after meat substitute maker said plans to sell up to $200 million of its common stock. The company said it intends to use the proceeds for general corporate purposes and working capital. The announcement comes after Beyond Meat reported a lower-than-expected first-quarter earnings-per-share loss.
Disney – Disney shares plunge 8% after the media company scandal reported a drop in streaming subscribers. The entertainment giant also reported revenue and earnings that were in line with Wall Street estimates, according to Refinitiv.
Enterprise Icahn Carl Icahn Group shares fell another 4.5% after notable short seller Hindenburg Research doubled down on a short-selling campaign against the company following its quarterly report. Icahn Enterprises reported a net loss of $270 million for the first quarter, with its hedge fund losing 4.1% for the period. It declares a quarterly dividend of $2 per share.
AppLovin – Shares rose 26% after the company beat first-quarter revenue. Revenue was $715.4 million, versus $694.8 million expected, per StreetAccount. AppLovin’s second-quarter guidance also topped expectations.
Goodyear Tires & Rubber — Tire maker shares rose nearly 20% later Elliott Investment Management sends letters and presentations to the company. Elliott, who has about 10% of Goodyear’s shares, said the aim is to “map the right path to value creation at Goodyear and realize its full potential.”
Unified Software – Shares rose about 13% after the video game software developer reported first-quarter results. Unity Software’s $500 million in revenue beat the $480 million expected from analysts polled by Refinitiv. The company also raised its full-year revenue outlook.
carpet – Shares of parent company Coach jumped 8% after the company reported better-than-expected earnings and revenue for its latest quarter. It also offers upbeat guidance for the year topping estimates.
Robin Hood hero — Shares rose 4% after the brokerage company reported better-than-expected revenue for the first quarter. Its first-quarter revenue came in at $441 million, compared with analyst estimates of $425 million, according to Refinitiv. Robinhood also showed monthly user growth, reaching 11.8 million.
Sonos – Shares fell 23.8% on disappointing quarterly results. The company reported an adjusted loss of 24 cents per share, while analysts polled by Refinitiv expected a loss of 18 cents per share. The home audio system maker also reduced its guidance for the second half of fiscal 2023 amid weak consumer demand and tight channel partner inventories.
JD.com – US-listed shares of JD.com rose 4.9% after the Chinese tech company beat analysts’ first quarter expectations in the top and bottom lines. JD.com reported earnings of CNY 4.76 per share, exceeding the consensus estimate of CNY 3.53. Revenue reached 242.96 billion CNY, higher than expectation of 240.81 billion CNY. Separately, JD.com said that Sandy Ran Xu, the company’s current chief financial officer, was once aappointed to succeed Lei Xu as CEO and executive director.
axon enterprise – Axon Enterprise rose 3% after JPMorgan said shares fell after first-quarter results on Tuesday is a buying opportunity. Manufacturer Taser fell 15% on Wednesday after reporting some disappointing gross profit numbers, even if it beat analyst expectations.
Albemarle — Chemical manufacturing stocks gained 2% after upgraded by Keybanc to be overweight from industry weights, citing improving trends in China’s lithium market.
— CNBC Tanaya Macheel, Hakyung Kim, Yun Li, Alex Harring, Samantha Subin and Sarah Min contributed reporting.
