Business

Lyft, Carvana, Warner Bros. Discovery, DraftKings

Confetti falls as Lyft CEO Logan Green (C) and President John Zimmer (LEFT C) ring the Nasdaq opening bell celebrating the company’s initial public offering (IPO) on March 29 2019 in Los Angeles, California. Shares of the ride-hailing app company were initially valued at $72.

Mario Tama / Getty Images

Check out the companies that hit the headlines in Friday midday trading.

Discovery of Warner Bros. Shares of the media company rose 16.5% after Warner Brothers posted its first earnings report since the merger. Warner Bros. Discovery also says it plans to combine the HBO Max and Discovery+ streaming services.

Lyft – Lyft rose 16.6% after an unexpected profit share in the recent quarter. Revenue fell short of estimates.

Besides meat – Shares of the plant-based meat producer jumped 21.9% even after the company shared results for the recent quarter that fell short of top and bottom results. Beyond Meat also said it cut 4% of its workforce.

Carvana – Shares of online used-car sellers rose 40.1% on Friday as the company said it will drastically cut costs in preparation for an economic downturn.

Unit Square owner shares lost more than 2% as Cash App revenue fell 34% last quarter. That drop eclipsed higher-than-forecast profits.

DraftKings The sports betting company rose 9.8% after reporting better-than-expected revenue and adjusted earnings for its latest quarter. DraftKings also raised its full-year revenue forecast despite the bleak macro outlook.

Paramount – Shares fell 4.2% after JPMorgan downgraded Paramount to underweight from neutral, citing the larger macro challenges ahead for the media company. Paramount reported strong second-quarter earnings this week, but falling earnings and free cash flow numbers hurt the results.

DoorDash – Coupon of Food delivery companies trade 1.3% lower, giving up previous gains, as investors reviewed the quarterly report showing a larger-than-anticipated loss-per-share. According to Refinitiv, DoorDash lost 72 cents per share in the second quarter, well above the 41 cent loss analysts expected. However, its sales beat expectations.

AMC Entertainment – Theater chain up 18.9% after announcing late Thursday that it plans to issue a dividend as preferred shares, under the symbol “APE.” The move comes after investors rejected the company’s attempt to issue more shares last year as a way to raise money.

Sunrun – Shares rose 4.5% after Barclays began reporting on a residential solar installation company with an overload rating. Investment company says Sunrun’s stock could rise on ambitious clean energy bill that could “start a long cycle of subsidized growth” if passed. Sunrun also reported earnings this week that beat analysts’ expectations, according to FactSet.

Virgin galaxy – Shares plummeted 17.5% after the company said it was pushing back the commercial launch of spaceflight until Q2 2023. Truist Virgin Galactic’s stock downgrade sell rating as the company continues to run on cash and delay flights.

Twilio Shares of Twilio fell 13.5% despite a drop in revenue after the media software company shared poor guidance for the current period. Following the report, Stifel downgraded the tech company’s stock to a hold from buy and halved its price target for the stock.

I’m a robot – Shares of iRobot soars more than 19.1% after Amazon announces plan to acquire the robotic vacuum maker for $1.7 billion, or $61 a share.

– Sarah Min, Tanaya Macheel, Yun Li and Michelle Fox of CNBC contributed reporting.

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