Companies Making Headlines in Midday Trading on February 14, 2024

The stock market witnessed significant movements on February 14, 2024, as several companies reported their earnings and financial results for the previous quarter. In this article, we will discuss the companies that made headlines in midday trading and the reasons behind their price fluctuations.

Uber Technologies, Inc. (NYSE: UBER) was one of the most notable companies that saw its shares jump 11% to a new 52-week high. The ride-hailing company announced an inaugural $7 billion share repurchase authorization program and expects gross bookings growth to be in the mid to high-teens over the next three years.

Lyft, Inc. (NASDAQ: LYFT), another ride-hailing platform, saw its shares surge 31% after reporting adjusted earnings of 18 cents per share in the fourth quarter, which was more than the consensus estimate of 8 cents per share. Lyft’s revenue of $1.22 billion was in line with analysts’ expectations.

IQVIA Holdings Inc. (NYSE: IQV) gained 10% after posting fourth-quarter earnings of $2.84 per share, excluding items, compared to the $2.82 per share expected by analysts. The company’s revenue of $3.87 billion for the quarter was slightly above estimates of $3.8 billion.

Charles River Laboratories International, Inc. (NYSE: CRL) saw its shares rise 9% after reporting fourth-quarter adjusted earnings of $2.46 per share, which beat analysts’ estimates of $2.40 per share. The company posted $1.01 billion in revenue, while analysts anticipated $991.3 million. The higher end of the company’s full-year earnings per share guidance, $11.40, was also above estimates of $10.83 per share.

DaVita Inc. (NYSE: DVA) jumped 7% after posting a beat on both the top and bottom lines. The health-care company reported earnings of $1.87 per share, ex-items, on $3.15 billion in revenue. Analysts polled by FactSet had estimated earnings of $1.63 per share on $3.01 billion in revenue.

Robinhood Markets, Inc. (NASDAQ: HOOD) saw its shares jump 9% after reporting a surprise earnings and revenue beat. The trading platform posted earnings of 3 cents per share, while analysts expected a 1 cent per share loss. Revenue came in at $471 million, topping the $457 million expected by analysts.

Zillow Group, Inc. (NASDAQ: Z) saw its shares rise more than 6% after reporting adjusted earnings of 20 cents per share on revenues of $474 million. Zillow beat analysts’ estimates of 12 cents per share on revenues of $452 million.

Crypto stocks, including Coinbase Global, Inc. (NASDAQ: COIN), Microstrategy Incorporated (NASDAQ: MSTR), Iris Energy Ltd. (ASX: IRE), CleanSpark Inc. (NASDAQ: CLSK), Marathon Digital Holdings, Inc. (NASDAQ: MARA), and Riot Blockchain, Inc. (NASDAQ: RIOT), surged after the cryptocurrency rose to a more than two-year high and regained its $1 trillion market cap.

Topgolf Callaway Brands, Inc. (NYSE: ELK) saw its shares advance 6% midday after reporting a narrower-than-expected adjusted loss for the fourth quarter of 30 cents per share, compared to a loss of 33 cents per share as expected by analysts. Revenue of $897 million topped analysts’ estimates of $866 million.

Akamai Technologies, Inc. (NASDAQ: AKAM) saw its shares slip 8% after missing analyst expectations for fourth-quarter revenue. Akamai posted $995 million, under the forecast of $998 million from analysts polled by LSEG. However, the company earned $1.69 per share, excluding items, which was above the $1.60 per share figure anticipated by analysts.

MGM Resorts International (NYSE: MGM) saw its shares drop 8% despite reporting better-than-expected fourth-quarter results. The company reported an earnings and revenue beat in the fourth quarter. However, the U.S. regional casino segment suffered from effects of a strike in Detroit and labor costs.

Kraft Heinz Company (NASDAQ: KHC) saw its shares fall more than 6% after fourth-quarter revenue missed expectations. Kraft Heinz reported $6.86 billion of revenue, but the $6.99 billion projected by analysts, according to LSEG. The company’s adjusted earnings per share of 78 cents was one cent above analyst estimates.

Airbnb, Inc. (NASDAQ: ABNB) saw its shares drop about 3% even after reporting a fourth-quarter revenue beat. The vacation property rental platform reported a 55-cent loss per share, and it was not immediately clear how it compared with analysts’ estimates of a 62-cent per share profit, per LSEG. Airbnb also warned of some pressure on nights booked in the first quarter due to tough comparisons.

Hasbro, Inc. (NASDAQ: HAS) saw its shares rebound from their decline during Tuesday’s trading session. The stock fell after Hasbro’s fourth-quarter earnings and revenue missed analysts’ estimates. The company also posted weaker-than-expected guidance for its full-year revenue.

In conclusion, these companies made headlines in midday trading on February 14, 2024, due to their earnings reports and financial results. The price fluctuations were a result of the companies’ performance compared to analysts’ expectations and investor sentiment.