Stocks making the biggest midday moves: Buzzfeed, First Republic, Meta

Check out the companies making headlines on Tuesday at noon.

MENLO PARK, CALIFORNIA – FEBRUARY 02: A security guard stands next to a sign at Meta headquarters on February 02, 2023 in Menlo Park, California. Facebook’s parent company Meta reported better-than-expected fourth-quarter results with $32.17 billion in revenue. Shares of the company jumped 23% for their best day of trading in nearly a decade. (Photo by Justin Sullivan/Getty Images)

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BuzzFeed — The internet media company’s share fell about 10% on a weak first-quarter revenue outlook. Buzzfeed expects first-quarter revenue of $61 million to $67 million, versus expectations of $83.6 million, according to FactSet. The company beat sales expectations in its fourth quarter results.

Metaplatforms – Meta shares gained 6% after CEO Mark Zuckerberg said on Tuesday that the social media company plans to cut 10,000 employees. The announcement comes just months after the tech giant announced the layoff of more than 11,000 employees in November.

United Airlines – Shares fell about 5% after United forecast a first-quarter loss, citing weaker demand than other months and higher fuel costs. The airline expects an adjusted quarterly loss of between 60 cents and $1 per share, compared to a previous forecast for adjusted earnings of 50 cents to $1 per share.

First RepublicPacWest Bancorp, Western Alliance Bancorp, Comedy — Regional banks rallied strongly on Tuesday after being hit hard last Friday and Monday. Shares of San Francisco-based First Republic rose about 50%, while PacWest jumped more than 60% and Western Alliance Bancorp gained more than 40%. Comedy, Key Corp And Zions Bancorp all were up more than 10%. The moves came as several banks reported only modest depositor withdrawals and Ken Griffin’s Citadel hedge fund took a large stake in Western Alliance in the wake of the Silicon Valley Bank bankruptcy.

Charles Schwab Corp., Morgan Stanley, Wells Fargo – Shares of major financial companies were in the green on Tuesday as the wider sector tried to rebound from last week’s losses. Charles Schwab jumped 9%, Morgan Stanley 3% and Wells Fargo almost 5%. Deutsche Bank earlier reiterated Charles Schwab as a buy, saying liquidity risks are overblown.

Matching group – Match gained 6.1% following an upgrade to overweight at equal weight at Barclays, noting the dating platform owner has become a valuable stock in recent years.

Cvent Holding Corp. — The software company rose more than 12% after Blackstone agreed to buy it for $8.50 a share in a deal valued at around $4.7 billion. The transaction is expected to be finalized in the middle of this year.

GitLab — The project planning software maker plunged 27% after issuing a weaker-than-expected outlook. Gitlab forecasts revenue for the year ending January 2024 of $529-533 million, below Refinitiv’s forecast of $586.4 million. The company reported a higher and lower pace in its results for the fiscal fourth quarter that just ended.

Uber, Lyft, DoorDash – Uber and delivery company Doordash rose more than 5% each, while Uber’s ride-sharing peer Lyft rose about 3% after a California appeals court overturned a previous ruling and said companies could continue to treat drivers as independent contractors.

– CNBC’s Alex Harring, Jesse Pound, Tanaya Macheel and Michelle Fox Theobald contributed reporting

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