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Midday movers: Uber, Rivian, Twilio fall; Reddit and Arista rise

Published 05/08/2024, 07:25 AM
Updated 05/08/2024, 11:35 AM
© Reuters

(Updated - May 8, 2024 11:31 AM EDT)

Investing.com -- Main U.S. indexes were flat Wednesday, as investors digested a series of quarterly corporate earnings ahead of comments from more Federal Reserve officials.

Here are some of the biggest U.S. stock movers today:

  • Uber (NYSE:UBER) stock slumped 8.6% after the ride-hailing firm forecast second-quarter gross bookings below expectations after missing the target for the first three months.

  • Apple (NASDAQ:AAPL) stock was unchanged despite news that its iPhone shipments in China increased by 12% in March, according to data from a Chinese research firm, after the tech giant and its retailers reduced prices.

  • Lyft (NASDAQ:LYFT) (LYFT) stock rose 9% after the ride-hailing company projected higher-than-expected gross bookings and a core profit for the current quarter.

  • Reddit (RDDT) stock rose 2% after the social media platform said it could post an adjusted profit in the second quarter, in its debut earnings report, thanks to its booming advertising business and content-licensing deals with AI companies.

  • Upstart (NASDAQ:UPST) stock sank 11% after the online lending platform offered up weak guidance for the current quarter.

  • Rivian (NASDAQ:RIVN) stock fell 3.5% after the electric vehicle maker reported a wider-than-expected first-quarter loss, while sticking with a 2024 production forecast that was well below Wall Street expectations.

  • Electronic Arts (NASDAQ:EA) stock fell 2% after the video game maker reported weak full-year earnings and revenue guidance.

  • Luminar Technologies (LAZR) stock soared 27% after the lidar maker announced that Tesla (NASDAQ:TSLA) was its biggest customer in the first quarter, amounting to more than 10% of the company’s revenue during that period.

  • Wynn Resorts (NASDAQ:WYNN) stock fell 2.25% despite news that the casino operator beat expectations for first-quarter profit as strength in gaming, luxury retail and hotel bookings drove steady demand at its Macau properties.

  • AB Inbev (BUD) ADRs rose 4.5% after the brewing giant posted revenue that met expectations and volumes that topped estimates in the first quarter, with the impact of a U.S. boycott of its Bud Light brand seen easing.

  • Twilio (NYSE:TWLO) stock fell 6% after the cloud communications company forecast lower-than-expected revenue for the upcoming quarter, citing economic uncertainties.

  • Arista Networks (NYSE:ANET) (ANET) stock rose 7.3% after the cloud networking company topped quarterly estimates and provided a optimistic current-quarter outlook, driven by growing demand for AI networking solutions.

  • Tesla (TSLA) fell 2% after Reuters reported that U.S. prosecutors are examining if it committed securities or wire fraud by misleading investors and consumers about its cars' self-driving capabilities.

  • Intel (NASDAQ:INTC) fell 2% after it said the U.S. Department of Commerce informed it that it was revoking certain licenses for exports of consumer-related items to a customer in China, effective immediately. As a result, the Company expects revenue for the second quarter of 2024 to remain in the original range of $12.5 billion to $13.5 billion, but below the midpoint.

  • LyondellBasell Industries (NYSE:LYB) rose 2% after it announced the formal launch of a strategic review of the European assets of its Olefins & Polyolefins and Intermediates & Derivatives business units.

  • Shopify (NYSE:SHOP) fell 20% after the e-commerce company's forecast for second quarter operating expenses and gross margin spooked some investors.

Additional reporting by Louis Juricic

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