Midday Stock Movements

Roblox

Roblox, a video game company, experienced a 10% surge in its stock after posting a loss of 52 cents per share. This was lower than the anticipated 55 cent per share loss projected by analysts. The company also surpassed revenue expectations, generating $1.13 billion compared to the expected $1.08 billion.

New York Community Bancorp

Shares of New York Community Bancorp dropped by 6% following a downgrade of the bank’s credit ratings by Moody’s Investors Service. In response, the bank appointed Alessandro DiNello as executive chair to enhance operational efficiency.

Snap

Snap, a multimedia messaging app, experienced a 35% decline in shares after disappointing fourth-quarter results and weak guidance. The company cited challenges arising from the Israel-Hamas war. Additionally, Snap announced a global workforce reduction of 10% earlier in the week.

Enphase Energy

Enphase Energy, a solar stock, witnessed a nearly 17% increase in shares. This growth followed CEO Badri Kothandaraman’s statement during an earnings call that the solar market is expected to rebound after hitting a bottom in the first quarter. However, the company’s adjusted earnings per share for the fourth quarter fell slightly below analysts’ expectations.

Alibaba

U.S.-listed shares of Chinese e-commerce giant Alibaba declined by 5.8% due to fiscal third-quarter revenue falling short of analysts’ estimates. The company’s revenue amounted to 260.35 billion Chinese yuan ($36.6 billion), missing the anticipated 262.07 billion yuan.

Yum Brands

Yum Brands, the parent company of KFC, Taco Bell, and Pizza Hut, saw a 3% increase in stock despite a fourth-quarter earnings and revenue miss. Adjusted earnings per share came in at $1.26, lower than the anticipated $1.40, while revenue amounted to $2.04 billion, falling short of the consensus estimate of $2.11 billion.

XPO

Shares of shipping company XPO rose by 17% after surpassing expectations for the fourth quarter. The company reported adjusted earnings per share of 77 cents, beating the consensus estimate of 62 cents. Additionally, revenue reached $1.94 billion, exceeding the expected $1.92 billion.

Amgen

Amgen, a biotechnology company, experienced a 4.4% decline in stock following a downgrade by Leerink Partners. The firm expressed uncertainty about the company’s obesity drug’s competitiveness in the weight loss market.

CVS Health

Shares of drugstore chain CVS Health rose by 2% after surpassing estimates for revenue and adjusted earnings per share in the fourth quarter. The company attributed its success to the strength in its health services business, despite reducing its full-year guidance due to increased medical costs.

The New York Times

The New York Times, a media organization, faced an 8% decline in stock after reporting a revenue miss for the fourth quarter. Although the company gained approximately 300,000 net digital-only subscribers during the quarter, advertising revenues fell below expectations.

Chipotle Mexican Grill

Shares of fast-casual restaurant chain Chipotle Mexican Grill increased by 8% following stronger-than-expected adjusted earnings and revenue reports. The company also noted that restaurant traffic grew by over 7%.

VF Corp.

Shares of footwear and apparel company VF Corp. retreated by approximately 13% as fiscal third-quarter results fell short of Wall Street estimates. VF reported adjusted earnings of 57 cents per share on $2.96 billion in revenue, while analysts had forecasted earnings of 77 cents per share and $3.24 billion in revenue.

Sonos

Audio device maker Sonos experienced a 15% increase in stock one day after surpassing earnings expectations and reaffirming guidance for the fiscal first quarter. The company reported earnings of 64 cents per share on a GAAP basis and $612.9 million in revenue, surpassing analyst estimates.

Warner Bros. Discovery, Fox, Walt Disney

Shares of Warner Bros. Discovery, Fox, and Walt Disney all exhibited declines after the announcement of a joint sports streaming platform owned by the three companies. Warner Bros. Discovery shares slid by 4%, while Walt Disney and Fox dropped by less than 1% and 6%, respectively.

FuboTV

Shares of sports streaming service FuboTV plummeted by nearly 25% following the announcement of the Warner Bros. Discovery, Fox, and Disney deal.

Paramount Global

Stocks of media company Paramount Global fell by 8% after not being included in the joint sports streaming venture announced by Warner Bros. Discovery, Fox, and Disney. Paramount had been seeking a buyer, with previous merger talks held with Warner Bros.

Cirrus Logic

Shares of semiconductor company Cirrus Logic surged by 16% after surpassing analysts’ expectations with its latest quarterly results. The company reported adjusted earnings of $2.89 per share and generated $619.0 million in revenue, well above the consensus estimates.

Contributors: Alex Harring, Brian Evans, Sarah Min, Hakyung Kim