Stocks with the biggest gains at noon: BMBL, BYND, EBAY, URBN | Private Equity Weekly
Take a look at the companies making headlines in midday trading. Beyond Meat — The plant-based meat company’s revenue surged more than 40%. Beyond Meat reported fourth-quarter revenue of $73.7 million, compared with a consensus estimate of $66.7 million, according to LSEG (formerly Refinitiv). The company also said it would “significantly reduce” costs this year. Bumble — Shares of the dating app plunged more than 13% after reporting fourth-quarter earnings that missed Wall Street estimates and unexpectedly lost 19 cents a share. Bumble also issued first-quarter earnings before interest, taxes, depreciation and amortization guidance, which came in weaker than expected. The company announced plans to lay off 350 employees. Advance Auto Parts — Shares of Advance Auto Parts rose 5% after the auto parts retailer issued upbeat full-year guidance. Advance Auto Parts forecast 2024 earnings per share of between $3.75 and $4.25, above the $3.65 expected by analysts polled by FactSet. As for its most recent quarter, the company’s revenue was in line with expectations, but it posted an unexpected loss. eBay — Shares of eBay soared more than 7% after the online marketplace said it would raise its dividend by 2 cents. It also announced an additional $2 billion in stock buybacks. Baidu – Shares of the U.S.-listed Chinese internet company fell 7% after Baidu reported fourth-quarter adjusted EBITDA and revenue that fell short of analysts’ expectations, according to FactSet. First Solar — Shares of First Solar rose more than 3% after the solar panel maker reported better-than-expected fourth-quarter profit. First Solar reported earnings of $3.25 per share, above the $3.13 per share expected by analysts polled by London Stock Exchange Group (LSEG). Lemonade — The insurance stock plunged 27% a day after Lemonade issued disappointing first-quarter and full-year guidance. On the other hand, the company reported a smaller-than-expected loss in the fourth quarter and better-than-expected revenue, according to London Stock Exchange Group (LSEG) data. Revolve — The fashion retailer’s shares rose 18% in the fourth quarter, beating analysts’ expectations. The company said it earned 5 cents a share on a GAAP basis on revenue of $257.8 million. Analysts polled by FactSet forecast earnings of 2 cents per share on revenue of $246.2 million. Applied Materials – Shares fell 2.6%. The chipmaking company disclosed in a regulatory filing that it had received subpoenas from the U.S. Securities and Exchange Commission and the U.S. Attorney’s Office for the District of Massachusetts seeking information related to its shipments to customers in China and its application for certain federal rulings. . Applied Materials said it is fully cooperating. Viatris — Shares fell 4% after the pharmaceutical company reported fourth-quarter revenue and adjusted EBITDA that disappointed analysts. Viatris’ revenue was $3.83 billion, below the $3.89 billion expected by analysts polled by FactSet. Urban Outfitters – The apparel retailer’s fourth-quarter profit and revenue fell short of expectations, and its stock price plummeted 15%. Urban Outfitters reported adjusted earnings of 69 cents per share on revenue of $1.49 billion, below the 74 cents per share on revenue of $1.5 billion expected by analysts polled by LSEG. Cryptocurrency Stocks — Cryptocurrency-related stocks were pushed higher as Bitcoin topped $62,000 for the first time since November 2021. Coinbase and MicroStrategy rose 2% and 10% respectively. Axon Enterprise — Shares of Axon Enterprise rose 14% after the weapons maker reported fourth-quarter profit that beat estimates. Axon reported adjusted earnings of $1.12 per share on revenue of $432 million. That beat analysts’ expectations of 85 cents a share on revenue of $420.7 million, according to FactSet. Boeing Co. – Shares of the aerospace company rose nearly 3% after the Federal Aviation Administration said it would give Boeing Co. 90 days to develop a quality control plan. The news follows an FAA audit of Boeing’s production lines and comes less than two months after a door panel exploded on an Alaska Airlines flight. Novavax — Shares of Novavax fell 27% after the vaccine maker missed Wall Street expectations for its fourth-quarter revenue and earnings. The company also announced that it expects full-year sales in 2024 to be the same as or even lower than 2023. Shares of Alphabet — the parent company of Google — edged down 2% as 32 media outlets filed a $2.3 billion lawsuit. Media groups including Axel Springer and Schibsted claim they have suffered losses due to Google’s digital advertising practices. UnitedHealth Group — Shares of the health insurance company fell nearly 5%. The Wall Street Journal reported on Tuesday that the Justice Department has launched an antitrust investigation into UnitedHealth Group. —CNBC’s Brian Evans, Michelle Fox, Alexander Harring, Pia Singh and Samantha Subin contributed reporting.
