Check out the companies making headlines in midday trading. Warner Bros. Discovery â Shares dropped 9.9% after the media conglomerate posted disappointing fourth-quarter results and failed to give 2024 free cash flow guidance. Warner Bros. Discovery reported a loss of 16 cents per share on revenue of $10.28 billion. Analysts polled by LSEG, formerly known as Refinitiv, had expected a per-share loss of 7 cents on revenue of $10.35 billion. Block â Block shares surged more than 16% after the payments company reported a surprise quarterly profit and offered up strong guidance on earnings before interest, taxes, depreciation and amortization for the first quarter and full year. DraftKings â The sports betting stock added 1% following an upgrade to overweight from equal weight by Barclays. The firm said the stock was at an attractive entry point following a recent pullback. Rivian â The electric vehicle stock sank 12% and hit a 52-week low, a day after tumbling nearly 26%. Rivian issued a 2024 production forecast on Thursday that came below estimates and reported a wider-than-expected fourth-quarter loss of $1.36 per share. On Friday, UBS downgraded shares to sell from buy and slashed its price target to $8 from $24. Bloomin’ Brands â The restaurant company rose nearly 3% after reporting a beat on adjusted earnings per share in the fourth quarter, per FactSet. Restaurant margins also were better than expected. Booking Holdings â The stock declined 10.1% after the online travel booking company issued weaker-than-expected gross booking and EBITDA guidance for the first quarter, overshadowing better-than-expected quarterly results. Nio â The U.S.-traded shares of the Chinese EV company fell 7.7% following a downgrade from JPMorgan . The investment firm said Nio could see its sales volume grow more slowly than expected, citing the lack of new models as a concern. Live Nation Entertainment â Shares of the entertainment platform…
2024-02-23 12:07:00
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