Stocks making the biggest moves midday: Uber, Lyft, Airbnb, Starbucks and more

Close-up of vertical sign with logos for ride-hailing companies Uber and Lyft.

Shares of Lyft tumbled about 30% after the ride-hailing company issued disappointing guidance for the second quarter and said it would increase spending to attract more drivers, due to surging gas prices.

Uber — The ride-hailing app saw its stock drop nearly 4.7% after the company posted a massive loss on investments. Uber reported a loss of $5.9 billion during the first quarter, which it said was primarily due to its equity investments in Grab, Aurora, and Didi. The sell-off came even as Uber posted surging revenue as it recovers from its coronavirus lows.

Advanced Micro Devices — The semiconductor stock added 9.1% after beating revenue and earnings estimates in the recent quarter. AMD’s sales jumped 71% even as analysts worry about a PC slowdown.

Starbucks — Shares jumped about 9.8% after Starbucks surpassed revenue expectations in its most recent earnings report. The coffee chain earned 59 cents per share on an adjusted basis, meeting consensus expectations from Refinitiv. The firm posted $7.64 billion in revenue, compared with the $7.6 billion figure forecast by analysts from Refinitiv, following strong domestic sales that offset declines overseas.

Airbnb — The vacation rental stock gained about 7.7% after Airbnb reported a smaller-than-expected loss for the first quarter. The company reported a loss of 3 cents per share on $1.51 billion in revenue. Analysts surveyed by Refiniv were expecting a 29-cent per-share loss on $1.45 billion of revenue. The company said it had its highest number of bookings on record and more than $1 billion in free cash flow during the quarter.

Match Group — Shares of the online dating company added 6.2% after Match issued weak forward guidance and announced its CEO Shar Dubey would step down at the end of May. Zynga President Bernard Kim will take over as chief executive, Match said.

CVS Health — CVS Health rose 4.8% after the company beat estimates in the recent quarter and raised its forecast for the year. The company also said it saw a decrease in demand for pandemic-related services during the first quarter.

Caesars Entertainment — Caesars Entertainment’s stock dropped 1.9% after the company reported quarterly results. The casino operator posted $2.29 billion in revenue for the quarter, missing analysts’ estimates of $2.35 billion, according to FactSet’s StreetAccount.

Skyworks — Shares of Skyworks plummeted 5% despite the semiconductor company beating revenue estimates in the recent quarter. The company reported earnings that were in line with analysts’ estimates but shared weak forward guidance.

Akamai Technologies — Shares of Akamai fell 9.7% after the cybersecurity firm missed earnings estimates in the recent quarter. Revenue was in line with expectations.

Generac — Generac’s stock added 11.8% after the generator manufacturer beat estimates on the top and bottom lines in the first quarter. The company posted $2.09 adjusted earnings per share on revenues of $1.14 billion. Analysts expected $1.94 a share on $1.09 billion in revenue.


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