Disney World celebrated its 50th anniversary in April 2022.
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Find out which companies are making headlines in the midday business.
disney – Shares of the media giant fell more than 11% after the company’s quarterly results beat Wall Street expectations for revenue and profit as its parks and media divisions underperformed estimates. Disney has warned that strong streaming growth for its Disney+ platform may decline in the future. Chief Financial Officer Christine McCarthy has tempered investors’ expectations for the new fiscal year, forecasting revenue growth in the single digits.
Metaplatforms — The stock jumped 8% after the company announced it would lay off more than 11,000 employees. In a letter to staff, CEO Mark Zuckerberg said he “shared some of the toughest changes we’ve made in Meta’s history.” UBS analysts were encouraged by Meta’s announcement.
DR Horton — The homebuilder climbed more than 6% despite weaker-than-expected fourth-quarter results. The company earned $4.67 per share on $9.64 billion in revenue. Analysts polled by Refinitiv had expected $5.09 a share on $9.97 billion in revenue. However, DR Horton’s unit net orders and backlog were higher than expected, and the first quarter guidance was roughly in line with estimates, according to StreetAccount.
Signature Bank – Shares of the crypto bank fell 6% amid the selloff in cryptocurrencies and crypto stocks, as investors digested the fallout from the liquidity crunch that drove Binance, the world’s largest exchange world, to offer to bail out rival FTX.
press company – Shares fell 5% after the company reported a slight decline in fiscal first-quarter earnings, compared to FactSet estimates. NewsCorp reported revenue that also fell short of estimates.
Akamai Technologies — The web technology company rose 7% after Akamai reported better-than-expected last-quarter earnings of $1.26 per share. Analysts had expected $1.22 per share, according to FactSet. Turnover also exceeded expectations.
To affirm – The stock plunged 18% after Affirm disappointed earnings-per-share expectations and issued a weaker-than-expected guidance for its fiscal second quarter.
Assets received — The AI-powered lending platform fell 11% after the company released weaker-than-expected revenue guidance for the current quarter, citing tough economic conditions.
AMC Entertainment — Shares fell 9.8% after the company announced another quarterly loss due to increased operating costs. However, the company lost less per share than expected and beat Wall Street’s earnings forecast. Tuesday’s report comes after years of struggle for the movie theater chain as the pandemic caused an increase in releases going directly to streaming services.
Lucid Group – Shares of the recreational vehicle maker fell nearly 18% after the company reported a third-quarter loss and announced plans to raise $1.5 billion through stock sales to fund the automaker’s operations of electric vehicles.
Sea World Entertainment – The stock fell 8% after the company reported weaker-than-expected earnings or $1.99 per share on revenue or $565 million. Analysts had expected $2.13 per share on revenue of $606 million.
HanesBrands – Shares of the clothing maker fell 7% after Hanes missed analysts’ third-quarter earnings expectations, according to StreetAccount. The company posted revenue of $1.67 billion, versus a forecast of $1.71 billion.
Roblox — Shares fell more than 15% after the company reported a bigger-than-expected third-quarter loss. The video game company posted a loss per share of 50 cents, versus 35 cents expected by analysts, according to Refinitiv. However, Roblox beat reservations revenue.
Kroger – Shares rose 2.6% after Evercore ISI upgraded the company to outperform and raised its price target, saying shares can rise 18% next year. The upgrade comes as Evercore sees Kroger well positioned to win as high inflation drives consumers to spend less at restaurants and more at groceries. The chain’s merger with Albertsons could also give shares a boost.
– CNBC’s Yun Li, Carmen Reinicke, Jesse Pound, Alexander Haring, Sarah Min, Michelle Fox and Ashley Capoot contributed reporting
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