Stock Market

In this article

A customer holds a drink inside a Starbucks coffee shop in San Francisco, California, on Thursday, July 28, 2022.
David Paul Morris | Bloomberg | Getty Images

Check out the companies making the biggest moves midday:

Starbucks — The Seattle-based coffee company jumped 8.48% after reporting quarterly profit and revenue that topped expectations. Net sales rose 3.35 to $8.41 billion and Global same-store sales rose 7%.

Twilio — Twilio’s stock plunged 34.61% a day after the company issued a weaker-than-expected sales forecast. On Friday, Cowen downgraded the communication tools company to market perform from outperform, citing deteriorating macro trends.

Cloud stocks — Cloud stocks took a hit amid concerns that interest rates will rise for longer than previously expected. Better-than-expected jobs data Friday also fueled concern about the Fed’s continued tightening. Salesforce lost 4.48%, Cloudflare dropped 18.42% and Paycom slid 6.17%. Elsewhere, Crowdstrike was down 9.87%, ZoomInfo Technologies lost 6.3%, Bill.com dropped 8.44%, ServiceNow lost 6.18%, and Datadog slid 6.17%.

Block — Shares jumped 11.5% after the mobile payments company surpassed profit and sales expectations in its third-quarter results. Block reported earnings of 42 cents per share on revenue of $4.52 billion. Analysts polled by Refinitiv were forecasting earnings of 23 cents per share on revenue of $4.49 billion.

Carvana — Carvana dropped 38.95% after reporting worse-than-expected quarterly results on Thursday. On Friday, Morgan Stanley’s Adam Jonas pulled the firm’s ratings and price target on the used-car retailer, citing deterioration in the used car market and a volatile funding environment.

Coinbase — The stock jumped 5.41% after the company reported better-than-expected user numbers, even as Coinbase reported a miss on profit 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 jumped 8.32% after it reported record orders leading to revenue that beat expectations. However, its quarterly loss was still larger than anticipated.

Atlassian — Shares of Atlassian dropped 28.96% Friday after the collaboration software maker reported lower earnings than expected and issued a disappointing outlook Thursday. Piper Sandler downgraded the stock to neutral from overweight on Friday, citing a slowdown in subscription billings for the company.

Topgolf Callaway Brands — Shares of Topgolf Callaway rose 7.86%. The company reported earnings that topped expectations on Thursday. Jefferies analyst Randal Konick also hiked his price target on the stock to $56, 221% above Thursday’s close.

Funko – Shares of Funko shed 59.38% after the company reported disappointing earnings that included a less-than-rosy forward guidance with a fourth quarter loss. In addition, JPMorgan downgraded the company to neutral from overweight, citing the earnings miss and an uncertain future.

DraftKings — DraftKings fell 27.82% after warning a prolonged economic downturn could impact spending by its customers. However, the sports betting company also reported a smaller-than-expected quarterly loss and revenue that topped Wall Street forecasts

Cinemark Holdings — Shares rallied 9.43% after the movie theater operator reported better-than-expected quarterly revenue.

Warner Bros. Discovery — Warner Brothers Discovery fell 12.87% after reporting a wider-than-expected earnings loss and revenue that fell short of analyst estimates. Bloomberg also reported the company plans to slash jobs in its film unit.

PayPal — PayPal slid 1.79% after lowering its annual revenue growth forecast. The company expressed caution about the impact of an economic downturn. However, it reported better-than-expected quarterly profit and revenue.

Freeport-McMoRan — Shares of the mining company rallied 11.5%, following the rise of copper, which it mines. Rumor and speculation about the possibility of China reopening its economy spurred the climb in commodities.

China stocks — That speculation about China possibly lifting Covid restrictions also sent shares of China-based companies higher. Alibaba jumped 7.05%, Pinduoduo rose 8.64%, Bilibili rallied 22.88%, and JD.com gained 9.74%.

— CNBC’s Alexander Harring, Sarah Min and Carmen Reinicke contributed reporting.

Articles You May Like

How the Federal Reserve’s rate policy affects mortgages
Drone stocks are surging on Wall Street, led by Red Cat Holdings
The Federal Reserve cuts interest rates by another quarter point. Here’s what that means for you
US Senate votes through last-gasp bill to keep government open
North Korean troops take heavy casualties fighting Ukrainian forces, says US