Take a look at the companies making headlines in midday trading. Warner Bros. Discovery — Shares of Warner Bros. Discovery fell 10% after the media conglomerate reported disappointing fourth-quarter results and failed to give guidance for 2024 free cash flow. Warner Bros. Discovery reported a loss of 16 cents per share on revenue of $10.28 billion. Analysts surveyed by LSEG (formerly Refinitiv) had expected a loss of 7 cents per share on revenue of $10.35 billion. Block – shares surged nearly 18% after the payments company posted a surprising quarterly profit and provided strong guidance for first-quarter and full-year EBITDA. DraftKings – The sports betting stock rose 4% after Barclays upgraded the sports betting stock to overweight from equal weight. The company said the stock is at an attractive entry point after the recent pullback. Rivian — The electric car stock fell 8% to hit a new 52-week low, a day after the stock plunged nearly 26%. Rivian on Thursday issued a 2024 production forecast that was lower than expected and reported a fourth-quarter loss of $1.36 per share that beat expectations. On Friday, UBS downgraded the stock to sell from buy and lowered its target price to $8 from $24. Bloomin’ Brands — The restaurant company reported better-than-expected fourth-quarter adjusted earnings per share, sending its shares up more than 4%, according to FactSet. Restaurant profit margins were also better than expected. Booking Holdings — Shares fell 9.4% after the online travel booking company issued lower-than-expected first-quarter gross bookings and EBITDA guidance, overshadowing better-than-expected quarterly results. Nio — Shares of the U.S.-listed Chinese electric vehicle company fell 7% after JPMorgan downgraded its rating. The investment firm said NIO’s sales growth may be slower than expected due to a lack of new models. Live Nation Entertainment — Live Nation reported fourth-quarter revenue of $5.84 billion, higher than LSEG analysts’ forecast of $4.79 billion, sending the entertainment platform’s shares up about 3%. Carvana – Shares of Carvana rose 34% on the used car market after the troubled company reported its first annual profit. Carvana expects first-quarter adjusted EBITDA to be “well above” $100 million. Following the results, Carvana was upgraded to outperform from market perform by William Blair and upgraded by Raymond James to underperform. MercadoLibre — Shares of MercadoLibre fell about 10% after the e-commerce platform’s fourth-quarter profit was flat from a year earlier. Operating income also fell short of expectations. Penumbra — The stock fell nearly 7%. J.P. Morgan downgraded the medical device company to “neutral” from “overweight,” noting that “Penumbra will be placed on the penalty spectrum until it can demonstrate to investors that it can steer to a position where it can consistently outperform and improve.” level.” Nextdoor Holdings — Shares of Nextdoor Holdings rose more than 17% after the company’s preliminary fourth-quarter revenue came in stronger than expected. Nextdoor also announced a $150 million increase in its stock repurchase program. Co-founder Nirav Tolia will also return as CEO. Insulet — Shares fell 4.5% after the company reported disappointing first-quarter revenue guidance. Insulet forecast revenue growth of 17% to 20% annually, while analysts polled by FactSet predicted 24.3%. EOG Resources — Shares of EOG Resources fell 4% after the oil company issued weak guidance for the quarter and full year. EOG reports fourth-quarter profits and revenue. —CNBC’s Alex Harring, Samantha Subin, Brian Evans, Lisa Kailai Han, Jesse Pound, Michelle Fox and Sarah Min contributed reporting.
