A customer holds a drink at a Starbucks coffee shop in San Francisco, Calif., 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 earnings and revenue that beat expectations. Net sales increased from $3.35 billion to $8.41 billion and worldwide comparable store sales increased 7%.
Twilio — Twilio shares plunged nearly 36%, a day after the company released weaker-than-expected sales guidance. On Friday, Cowen downgraded the communication tools company to market outperformer, citing deteriorating macro trends.
Cloud Stocks – Cloud stocks have been hit by fears that interest rates will rise for longer than expected. Friday’s better-than-expected jobs data also stoked concerns about continued Fed tightening. Selling power lost 6%, Cloudy fell 19.7% and Paycom slipped 7%. Somewhere else, Crowd was down 9.2%, Zoom Info Technologies lost 10.2%, Bill.com fell 10.3%, ServiceNow lost 6.9%, and Datadog slipped 6.7%.
To block — Shares jumped 10% after the mobile payments company beat 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 had expected earnings of 23 cents per share on revenue of $4.49 billion.
carvana – Carvana fell 37% after reporting worse-than-expected quarterly results on Thursday. Morgan Stanley’s Adam Jonas withdrew the company’s ratings and price target on the used-car retailer on Friday, citing a deteriorating used-car market and a volatile funding environment.
Coinbase – The stock jumped 3% after the company reported higher-than-expected user numbers, even as Coinbase reported a revenue shortfall and sales expectations. The cryptocurrency platform reported a decline in revenue from a year ago as investors dumped digital assets.
DoorDash — The food delivery platform jumped 4.6% after recording record orders generating revenue above expectations. However, its quarterly loss was even bigger than expected.
Atlassian – Atlassian shares fell 33.4% on Friday after the collaboration software maker reported earnings below expectations and issued a disappointing outlook on Thursday. Piper Sandler downgraded the stock from overweight to neutral on Friday, citing a slowdown in subscription billings for the company.
Topgolf Callaway Brands — Topgolf Callaway shares rose 6.7%. The company announced results on Thursday that beat expectations. Jefferies analyst Randal Konick also raised his price target on the stock to $56, 221% above Thursday’s close.
Funko – Funko shares shed more than 56% after the company reported disappointing results that included less than rosy guidance with a fourth-quarter loss. Additionally, JPMorgan downgraded the company from neutral to overweight, citing lack of earnings and an uncertain future.
DraftKings – DraftKings fell nearly 28% after warning that a prolonged economic downturn could impact customer spending. However, the sports betting company also reported a lower-than-expected quarterly loss and revenue that beat Wall Street forecasts.
Cinemark Holdings – Shares rose 10.9% after the cinema operator reported better-than-expected quarterly earnings.
Discovery of Warner Bros. – Warner Brothers Discovery fell 13% after reporting a revenue loss and bigger-than-expected revenue, below analysts’ estimates. Bloomberg also reported that the company plans to cut jobs in its film unit.
PayPal — PayPal slipped 5% after lowering its forecast for annual revenue growth. The company expressed caution about the impact of an economic downturn. However, it reported better-than-expected quarterly earnings and revenue.
Freeport-McMoRan — Shares of the mining company rebounded 10% on the rise in copper, which it mines. Rumors and speculation about the possibility of China reopening its economy boosted the rise in commodities.
Chinese stocks – This speculation about the possibility of China lifting Covid restrictions has also sent shares of China-based companies higher. Ali Baba jumped 5.5%, Pinduo-duo increased by 7.7%, bilibili increased by 18.5%, and JD.com gained 8.4%.
– CNBC’s Alexander Harring, Sarah Min and Carmen Reinicke contributed reporting.
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