Mastercard, Unity Software, Wendy’s and more
A woman walks past a Westpac Bank advertisement in central Sydney, Australia.
Daniel Munoz | Reuters
Find out which companies are making headlines in midday trading.
Poshmark – Shares in the online market fell nearly 30% on Wednesday after releasing quarterly results on Tuesday night. Poshmark reported a loss of 9 cents per share, compared to 7 cents per share according to analysts’ estimates. Revenue was also lower than expected at $ 79.7 million, compared to $ 82.7 million expected by Wall Street.
DoorDash – Shares of the food delivery company climbed more than 14% on Wednesday after the company announced it would acquire Wolt for $ 8.1 billion. The company also reported a larger-than-expected loss per share in the third quarter, but topped revenue estimates.
FuboTV – Shares of the streaming platform fell 19% after the company reported a loss of 59 cents per share and third-quarter revenue of $ 156.7 million on Tuesday night. He also increased his forecast for the fourth quarter.
Unity Software – The video game software development company saw its shares jump 6% after beating third-quarter profit and revenue guidance and increasing its guidance for the full year. Unity also announced plans to buy Lord of the Rings visual effects maker Weta Digital for more than $ 1.6 billion in cash and stock.
Wendy’s – Wendy’s shares fell 8% after the fast food chain released quarterly financial results. It posted a slight gain of 19 cents per share on revenue of $ 470.3 million, compared to the expected 18 cents per share on revenue of $ 470.2 million, according to Refinitiv. However, it reported worldwide comparable restaurant sales growth of 3.3% in the quarter, compared to consensus expectations of 4.9%.
Palantir – Palantir shares fell more than 5% after RBC downgraded the stock’s rating to underperform the industry and lowered its price target to $ 19 per share from $ 25 per share. RBC in its appeal cited the slowing revenue growth of Palantir.
Coinbase – Coinbase shares fell 4.8% after the company reported quarterly revenue of $ 1.31 billion on Tuesday, which exceeded analysts’ expectations. Monthly active transaction users were down from the previous quarter to 7.4 million, but up from the previous year. Transaction revenues also decreased compared to the prior quarter.
Tesla – Tesla shares rebounded more than 3%, breaking a period of decline. The stock is down about 13% this week after CEO Elon Musk in a Twitter poll over the weekend offered to sell 10% of his Tesla shares.
Mastercard – Shares of Mastercard rose 3.8% after the payments technology company disclosed new performance targets for 2022-2024 on its Investor Day Wednesday, showing faster growth in earnings and revenue . It also announced the extension of its Buy It Now and Pay Later program.
Energy stocks – Energy stocks were among the biggest drops in the S&P 500, with the American Petroleum Institute reporting that US crude inventories rose 1 million barrels in the most recent week, Reuters reported. Coterra Energy fell 4.7%. Occidental Petroleum, Hess, Diamondback Energy and Halliburton each fell more than 3 %%.
– CNBC’s Hannah Miao and Maggie Fitzgerald contributed reporting