Stocks making the biggest moves midday: Peloton, Beyond Meat, Alphabet, PacWest & more

by | May 11, 2023 | Financial

A man walks in front of a Peloton store in Manhattan on May 05, 2021 in New York.John Smith | Corbis News | Getty ImagesCheck out the companies making the biggest moves midday:Peloton — The fitness platform operator saw shares drop 8.7% after the U.S. Consumer Product Safety Commission said it’s recalling more than 2 million bikes over concerns about seat breakages and related injuries. Peloton will offer free, updated seat posts to anyone using the recalled model.Alphabet — Shares added 5.1% a day after Google unveiled new software and gadgets at its developer conference. The tech giant also said it is eliminating the waitlist for its chatbot Bard.PacWest Bancorp — The regional bank’s stock sank 25% after the company said deposits dropped 9.5% for the week ended May 5. Other regional bank shares followed suit, with Western Alliance and First Horizon shedding 7.3% and 3.2%, respectively.Beyond Meat — Shares tumbled 13.4% after the alternative meat manufacturer said it plans to sell up to $200 million of its common stock. The company said it intends to use the proceeds for general corporate and working capital purposes. The announcement came after Beyond Meat reported a first-quarter earnings-per-share loss that was less than expected.Disney — Disney shares tumbled 8% after the media company reported a drop in streaming subscribers. The entertainment giant also reported revenue and earnings in line with Wall Street’s estimates, according to Refinitiv.Icahn Enterprises — Shares of Carl Icahn’s conglomerate slid another 4.5% after notable short seller Hindenburg Research doubled down on its short-selling campaign against the company following its quarterly report. Icahn Enterprises reported a net loss of $270 million in the first quarter, with its hedge fund losing 4.1% during the period. It declared a $2 per share quarterly dividend.AppLovin — Shares popped 26% following the company’s first-quarter revenue beat. Revenue was $715.4 million, compared to the $694.8 million expected, per StreetAccount. AppLovin’s second-quarter guidance also topped expectations.Goodyear Tire & Rubber — The tire manufacturer’s stock soared nearly 20% after Elliott Investment Management sent a letter and presentation to the company. Elliott, which has about a 10% stake in Goodyear, said the purpose was to “outline the right path forward to create value at Goodyear and realize its full potential.”Unity Software — Shares rallied about 13% after the video game software developer reported its first-quarter results. Unity Software’s revenue of $500 million beat the $480 million expected from analysts polled by Refinitiv. The company also raised its full-year revenue outlook.Tapestry — Shares of the Coach parent jumped 8% after the company reported stronger-than-expected earnings and revenue for its latest quarter. It also issued upbeat guidance for the year that topped estimates.Robinhood — The stock added 4% after the brokerage reported better-than-expected revenue for the first quarter. Its first-quarter revenue came in at $441 million, versus analyst estimates of $425 million, according to Refinitiv. Robinhood also showed growth of monthly users, which hit 11.8 million.Sonos — Shares plunged 23.8% on the back of disappointing quarterly results. The company reported an adjusted loss of 24 cents per share, while analysts polled by Refinitiv expected a loss of 18 cents per share. The home so …

Article Attribution | Read More at Article Source

Share This