Find out which companies are making headlines in the midday business.
Roku – Shares of Roku fell nearly 25% after the company reported last-quarter earnings that were below analysts’ forecasts. Roku also posted a weaker-than-expected outlook due to higher component prices and supply chain disruptions.
DraftKings – Sports betting firm DraftKings saw its shares tumble nearly 17% after reporting a weaker-than-expected quarterly loss and issuing guidance forecasting a bigger-than-expected adjusted loss for the full year.
Bloomin’ Brands – Shares of parent company Outback Steakhouse jumped more than 7% after the company reported a quarterly pace of profits and a modest pace of revenue. Bloomin’ also reinstated its quarterly dividend and announced a new $125 million share buyback program.
Virgin Galactic – Shares of Virgin Galactic fell more than 6% following news that Chairman Chamath Palihapitiya was resigning from the board, effective immediately. His special-purpose acquisition company took Virgin Galactic public in 2019. Palihapitiya said he was leaving “to focus on other existing and future board responsibilities.”
Dollar Tree – Shares of the discount retailer jumped more than 4% and were a top gainer in the S&P 500, after the company announced that executive chairman Bob Sasser would retire and be named chairman emeritus .
Redfin – Shares of the real estate brokerage fell 25% after RBC Capital Markets downgraded the stock to sector performance from outperformance, calling the bullish case for the stock “broken”. Redfin on Thursday reported a smaller-than-expected fourth-quarter loss and beat revenue. The real estate services unit and gross margins missed expectations.
Shake Shack – Shares of the restaurant chain fell 5% after the company released quarterly revenue forecasts below estimates, noting that labor shortage issues stemming from the omicron variant drove the company to close restaurants. Shake Shack said it expects first-quarter revenue of $196 million to $201.4 million, versus estimates of $210.9 million.
Pilgrim’s Pride – The poultry producer’s shares fell more than 14% after Brazilian meatpacker JBS backed out of plans to buy the remaining 20% of the business it does not already own. claiming that the two sides could not agree on the terms of a deal.
Intel – Shares of Intel fell about 5.8%, leading sights on the Dow Jones Industrial Average. Bank of America reiterated an underperformance rating on the stock.
Ford – Shares in the automaker rose more than 2% following a Bloomberg report that CEO Jim Farley is weighing options to spin off the company’s electric vehicle unit from its engine business. inherited internal combustion and could even weigh a reversal of one of them.
General Electric – The power company saw its shares slip nearly 6% after providing a 2022 profit outlook saying supply chain challenges continue to put pressure on its healthcare, energy renewables and its aviation businesses and could remain through the first half of 2022.” As a result, supply chain headwinds may continue to partially obscure the significant progress we are making in the our entire business,” the company said in an 8-K filing.
– CNBC’s Hannah Miao contributed reporting