The New York Stock Exchange welcomes The Walt Disney Company (NYSE: DIS) today, May 4, 2021 (Tuesday) to commemorate Star Wars Day.
Source: New York Stock Exchange
Check out the companies that made the headlines in midday trading.
Rivian Automotive, the newly listed electric car startup’s share price soared 22% in the second day of trading. This follows the company’s 29% rise since its initial listing. The company’s market value has surpassed Ford and General Motors.
Disney-After the media giant failed to achieve the top and bottom lines of quarterly results, Disney’s stock price fell more than 6%. Disney+ subscribers also did not meet expectations.
Beyond Meat, the alternative meat company scorned its expectations for the third quarter, causing its stock price to fall by 13%. After the quarterly report was released, the investment company Bernstein downgraded Beyond Meat’s rating to market performance, saying that the uncertainty of investor demand was too great to buy on dips.
The Honest Company — According to Refinitiv, after The Honest Company’s third-quarter sales reached $82.7 million, consumer goods stocks rose 12%, higher than the expected $80.8 million. The growth of diapers and wipes is a key driver of revenue growth.
Bumble-After Bumble reported a net loss of $10.7 million in the third quarter, the stock of the dating app fell by 20%. Analysts surveyed by Refinitiv expect the company to break even. According to StreetAccount data, the number of paying users is also lower than expected.
AppLovin — According to FactSet data, AppLovin reported third-quarter revenue of $727 million, exceeding expectations, and the software stock rose 18%. Driven by the growth of its business software platform, the company’s revenue increased by 90% year-on-year.
Affirm-“Buy now, pay later.” After the company announced the expansion of its partnership with Amazon and reported quarterly revenue exceeding expectations, Affirm’s stock price rose by nearly 12% to US$269.4 million, compared to expectations of 248.2 million Dollar. According to Refinitiv, Affirm also reported a quarterly earnings loss per share.
SoFi – Fintech stocks rose more than 18% as investors cheered for stronger-than-expected quarterly reports. SoFi reported a loss of 5 cents per share in the third quarter, exceeding Refinitiv’s forecast of 14 cents per share. Since the initial public offering, the stock has risen more than 90%.
Marqeta-Marqeta, the card issuance platform behind “buy first, pay later” brands such as Affirm and Klarna, has its share price up 0.5%. The previously announced quarterly results were better than expected, and the processing volume increased by 60% from the previous year.
Tapestry — Apparel stocks rose 8.4% after the company’s first-quarter report was stronger than expected. Tapestry reports adjusted earnings per share of 82 cents and revenue of $1.48 billion. According to StreetAccount data, analysts expect earnings per share of 70 cents and revenue of $1.43 billion. The company also raised its full-year earnings and revenue expectations.
Silvergate Capital — After JPMorgan Chase began covering Silvergate with an overweight rating, the crypto bank’s share price rose by approximately 11%. The investment company praised Silvergate’s growth potential and balance sheet strength.
Weilai-The Chinese electric car company’s share price rose 5.8% after Citigroup raised its price target on the stock to a Wall Street high. Citigroup said that even with increasingly fierce competition, NIO should maintain its dominant position in China.
Alibaba, JD.com-Investors are concerned about the development of a large-scale online shopping event “Singles Day”, Chinese e-commerce stocks. Alibaba’s share price rose more than 3%, and JD.com’s share price rose more than 7%. JD.com announced the sales records for Singles Day.
Organon & Co.-On Thursday, the pharmaceutical stock was one of the worst performing stocks in the Standard & Poor’s 500 Index, down 6.4%. The company’s top and bottom lines in the third quarter exceeded expectations, but did not improve forward-looking guidance, and announced the acquisition of drug developer Forendo for a price of up to 945 million U.S. dollars.
-CNBC’s Yun Li, Hannah Miao, Maggie Fitzgerald and Tanaya Macheel contributed to this story.
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