Stocks making the biggest moves at noon: Lyft, Carvana, Warner Bros. Discovery, DraftKings

Discover out which corporations are making headlines Friday at midday.

Warner Bros. Discovery – Shares within the media firm cratered 15.8% after Warner Brothers launched its first earnings report since its merger. Warner Bros. Discovery additionally introduced plans to mix its HBO Max and Discovery+ streaming providers.

Lyft — Lyft climbed 14.2% after sharing an surprising revenue within the final quarter. Revenues fell according to estimates.

Past Meat – Shares of the plant-based meat maker soared 22.7% even after the corporate shared final quarter outcomes that missed the highest and backside outcomes. Past Meat additionally introduced it was reducing 4% of its workforce.

Carvana – Shares of the web used-car vendor soared 32.5% on Friday as the corporate introduced it could aggressively minimize prices in anticipation of an financial slowdown.

Block – Shares of the proprietor of Sq. misplaced greater than 2% because of a 34% decline in Money App income within the prior quarter. This decline overshadowed a stronger-than-expected revenue.

DraftKings – The sports activities betting firm jumped 11% after reporting better-than-expected adjusted income and earnings for its newest quarter. DraftKings additionally raised its full-year income forecast regardless of a bleak macroeconomic outlook.

Paramount – Shares fell 5% after JPMorgan downgraded Paramount to underweight from impartial, citing greater macro challenges forward for the media firm. Paramount reported robust second-quarter outcomes this week, however decrease income and free money circulation weighed on outcomes.

DoorDash – Shares of the meals supply firm traded barely decrease, giving up earlier features, as buyers digested a quarterly report that confirmed a bigger-than-expected loss per share. DoorDash misplaced 72 cents per share within the second quarter, greater than a 41-cent loss analysts had anticipated, in accordance with Refinitiv. Its earnings, nevertheless, exceeded expectations.

AMC Leisure – The cinema chain rebounded 13% after saying Thursday night its intention to difficulty a dividend within the type of most well-liked shares, underneath the image “APE”. The transfer got here after buyers rejected efforts by the corporate to difficulty further shares final 12 months to boost funds.

Sunrun – Shares jumped 7% after Barclays launched protection of the residential photo voltaic set up firm with an obese ranking. The funding agency mentioned Sunrun shares might rise on the again of an formidable clear power invoice that would “set off a protracted cycle of sponsored development” if handed. Sunrun additionally reported earnings this week that beat analysts’ expectations, in accordance with FactSet.

Virgin Galactic – Shares fell 15% after the corporate mentioned it was pushing again the industrial launch of spaceflight till the second quarter of 2023. Truist downgraded Virgin Galactic shares to a promote ranking as the corporate continues to function with money and delayed flights.

Twilio – Twilio’s inventory fell 13% regardless of decrease income after the communications software program firm shared weak steerage for the present interval. Following the report, Stifel downgraded the tech firm’s shares to a purchase reserve and halved its value goal on the inventory.

iRobot – Shares of iRobot soared greater than 19% after Amazon introduced plans to accumulate the robotic vacuum cleaner for $1.7 billion, or $61 per share.

– CNBC’s Sarah Min, Tanaya Macheel, Yun Li and Michelle Fox contributed reporting.