Starbucks, Twilio, Carvana, DoorDash and more

A customer holds a drink inside a Starbucks coffee shop in San Francisco, California, Thursday, July 28, 2022.

David Paul Morris | Bloomberg | Getty Images

Check out the companies making the biggest moves at midday:

Starbucks — The Seattle-based coffee company jumped nearly 9% after reporting quarterly profit and revenue that beat expectations. Net sales rose 3.35% to $8.41 billion and global same-store sales rose 7%.

Twilio — Twilio stock plunged nearly 36% a day after the company issued a weaker-than-expected sales forecast. On Friday, Cowen downgraded the communications tools company to market perform from outperform, citing worsening macroeconomic trends.

Cloud Stocks — Cloud stocks took a hit amid concerns that interest rates will rise longer than expected. Better-than-expected jobs data on Friday also fueled concerns about continued Fed tightening. Salesforce lost 6%, Cloudflare fell 19.7% and Paycom slipped 7%. Somewhere else, Mass strike decreased by 9.2%, ZoomInfo Technologies lost 10.2%, Bill.com fell 10.3%, ServiceNow lost 6.9% and Datadog fell 6.7%.

block — Shares jumped 10% after the mobile payments company beat expectations for profit and sales in its third-quarter results. Block reported earnings of 42 cents per share on revenue of $4.52 billion. Analysts polled by Refinitiv had expected earnings of 23 cents per share on revenue of $4.49 billion.

Caravan — Carvana fell 37% after reporting worse-than-expected quarterly results on Thursday. On Friday, Morgan Stanley’s Adam Jonas pulled the company’s ratings and price target on the used-car retailer, citing a deteriorating used-car market and volatile financing environment.

Coinbase — The stock jumped 3% after the company reported better-than-expected user numbers, even as Coinbase reported missing earnings and sales expectations. The cryptocurrency platform reported a drop in revenue from a year ago as investors dumped digital assets.

DoorDash — The food delivery platform rose 4.6% after reporting record orders that led to revenue that beat expectations. However, its quarterly loss was even bigger than expected.

Atlasian — Shares of Atlassian fell 33.4% on Friday after the collaboration software maker reported lower-than-expected earnings and issued a disappointing outlook on Thursday. Piper Sandler downgraded the stock to neutral from overweight on Friday, citing a slowdown in subscription fees for the company.

Topgolf Callaway Brands — Shares of Topgolf Callaway rose 6.7%. The company reported earnings that beat expectations on Thursday. Jefferies analyst Randal Konick also raised his price target on the stock to $56, 221% above Thursday’s close.

Funko – Shares of Funko fell more than 56% after the company reported disappointing earnings that included a less rosy outlook for fourth-quarter loss guidance. In addition, JPMorgan downgraded the company to neutral from overweight, citing the loss of earnings and an uncertain future.

DraftKings — DraftKings fell nearly 28% after warning that a prolonged economic downturn could affect its customers’ spending. However, the sports betting company also reported a smaller-than-expected quarterly loss and revenue that beat Wall Street forecasts

Cinemark Holdings — Shares rallied 10.9% after the movie theater operator reported better-than-expected quarterly revenue.

Discovery by Warner Bros — Warner Brothers Discovery fell 13% after reporting a bigger-than-expected loss in profit and revenue that missed analysts’ estimates. Bloomberg also reported that the company plans to cut jobs at its film unit.

PayPal — PayPal fell 5% after it cut its annual revenue growth forecast. The company expressed caution about the effects of an economic downturn. However, it reported better-than-expected quarterly earnings and revenue.

Freeport-McMoRan — Shares in the mining company rallied 10% after gains in copper, which it mines. Rumors and speculation that China might reopen its economy fueled gains in commodities.

Chinese stocks — This speculation about China’s possible lifting of Covid restrictions also sent shares of China-based companies higher. Alibaba jumped 5.5%, Pinduoduo increased 7.7%, Bilibili collected 18.5% and JD.com gained 8.4%.

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