A man walks past a Peloton store in Manhattan on May 5, 2021 in New York.
John Smith | Corbis News | Getty Images
Check out the companies making the biggest moves in the middle of the day:
Peloton — The fitness platform operator saw shares fall 8.7% after the US Consumer Product Safety Commission said it was recalling more than 2 million bikes over concerns about broken seats and related injuries. Peloton will be offering free, updated seat postings to anyone using the recalled model.
Alphabet – Shares added 5.1% per day after Google unveiled new software and tools at its developer conference. The tech giant also said it is eliminating the queue for its Bard chatbot.
PacWest Bancorp — Shares in the regional bank fell 25% after the company said deposits fell 9.5% for the week ended May 5th. Other regional bank stocks followed suit, with Western Alliance and First Horizon falling 7.3% and 3.2%, respectively.
Beyond Meat — Shares fell 13.4% after the meat alternative manufacturer said It 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 came after Beyond Meat reported a lower-than-expected first-quarter earnings per share loss.
Disney — Shares of Disney fell 8% after the media company 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.
Icahn Ventures Shares of Carl Icahn conglomerate fell another 4.5% after short seller Hindenburg Research doubled down on its short-selling campaign against the company following its quarterly report. Icahn Enterprises posted a net loss of $270 million in the first quarter, with its hedge fund losing 4.1% during the period. It declared a $2 per share quarterly dividend.
AppLovin Shares rose 26% after the company’s first-quarter revenue outperformed. Revenue was $715.4 million, compared to the projected $694.8 million per StreetAccount. AppLovin’s guidance for the second quarter also exceeded expectations.
Goodyear Tire & Rubber — The tire maker’s stock rose nearly 20% after that Elliott Investment Management sent a letter and presentation to the company. Elliott, which owns about 10% of Goodyear stock, said the purpose is to “determine the right path forward to create value in Goodyear and realize its full potential.”
Unity Software Shares rose about 13% after the video game software developer reported first-quarter results. Unity Software’s revenue of $500 million beat the $480 million projected by analysts Refinitiv polled. The company also raised its revenue forecast for the full year.
Tapestry – Shares of Coach’s parent company jumped 8% after the company reported stronger-than-expected earnings and revenue in the fourth quarter. It also issued optimistic guidance for the year that exceeded estimates.
Robinhood – The stock added 4% after the brokerage reported better-than-expected first-quarter revenue. Its first-quarter revenue was $441 million, versus analyst estimates of $425 million, according to Refinitiv. Robinhood also showed monthly user growth of 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 had expected a loss of 18 cents per share. The home audio maker also lowered its guidance for the second half of fiscal 2023 amid weak consumer demand and tightening channel partner inventory.
JD.com — JD.com’s US-listed shares advanced 4.9% after the Chinese technology company Exceeded analysts’ expectations in the first quarter on the upper and lower lines. JD.com reported earnings of CNY4.76 per share, beating consensus estimates of CNY3.53. Revenue came in at CNY242.96 billion, above expectations of CNY240.81 billion. Separately, JD.com said Sandy Ran Xu, the company’s current CFO, was CFO.Refers to the succession of Lei Xu as CEO and CEO.
Exxon Enterprise – Exxon Enterprise gained 3% after JPMorgan said the pullback in the stock after first-quarter results on Tuesday is a buying opportunity. Maker Taser fell 15% on Wednesday after reporting some disappointing gross profit margin numbers, even as it beat analyst expectations.
Albemarle — Chemicals manufacturing stocks added 2% after being upgraded by Keybanc to gain weight from the segment weight, pointing to improving trends in China’s lithium market.
— CNBC’s Tanaya Machel, Hakyung Kim, Yoon Lee, Alex Haring, Samantha Sobin, and Sarah Min contributed to reporting.
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