Stocks making the biggest moves midday: Twitter, Affirm, Robinhood and more
Check out the companies making headlines in midday trading.
Twitter — Shares of the social media platform slid 8% after Elon Musk said his take-private deal is on hold until he receives more information about how many fake accounts there are on Twitter. Still, Musk said he was “still committed to the acquisition.”
Affirm — Shares of the buy-now, pay-later lender surged 31.5% after Affirm beat expectations for its fiscal third quarter. The company reported a loss of 19 cents per share on $355 million of revenue. Analysts surveyed by Refinitiv had penciled in a loss of 51 cents per share on $344 million of revenue. Affirm also announced a multiyear extension of its partnership with Shopify.
Robinhood — Shares of the investing app jumped 24.5% on Friday after the CEO of crypto exchange FTX, Sam Bankman-Fried, picked up a 7.6% stake in Robinhood for $648 million after the stock hit an all-time low this week. His new position makes him the third-largest shareholder in the company.
Duolingo — Shares surged 39% after the language software company posted better-than-expected quarterly earnings and revenue. Duolingo issued upbeat quarterly revenue guidance, and reported all-time high active user numbers.
Figs — Figs shares fell 26% on the back of disappointing quarterly results. The health-care apparel maker posted a profit of 5 cents per share on revenue of $110.1 million. Analysts expected earnings of 6 cents per share on sales of $117.3 million, according to StreetAccount. The company also issued weaker-than-expected revenue guidance for the year.
Krispy Kreme — Shares of the doughnut chain popped 10.5% after an upgrade from HSBC. “We expect more pricing and higher scale resulting from an aggressive point of access expansion will keep earnings expectations on track,” HSBC said.
Toast — Shares of Toast jumped 12% after the tech and payments platform for restaurants reported a loss for its most recent quarter that was narrower than expected by Wall Street analysts. The company also issued upbeat revenue guidance for the year.
Poshmark — Poshmark rose 24.3% after the company reported a quarterly loss of 18 cents per share. Wall Street analysts expected a loss of 22 cents per share, according to Refinitiv. Revenue for the quarter of $90.9 million also beat estimates of $87.5 million.
The Honest Company — Shares of The Honest Company were up 13.7% after the maker of personal care and household products reported a quarterly loss and revenue that were in line with analyst expectations. The company also reiterated its full-year revenue guidance.
Ford Motor — Shares of the carmaker added 9% after Morgan Stanley upgraded the stock to equal weight from underweight, saying the market is underestimating certain parts of the company’s business.
— CNBC’s Jesse Pound, Sarah Min, Yun Li and Hannah Miao contributed reporting
