Stocks making the biggest moves midday: Warner Bros., Occidental Petroleum, Rivian, Toast and more

by | Nov 8, 2023 | Financial

Check out the companies making headlines in midday trading. Upstart Holdings — Stock in the artificial intelligence lending platform tumbled more than 26% after missing third-quarter sales and earnings estimates. The company reported an adjusted loss of 5 cents per share on $134.5 million in revenue, against estimates from analysts polled by FactSet of a loss of 2 cents and $139.6 million in revenue. Biogen — Stock in the biotech company fell more than 4% after third-quarter sales and earnings topped analysts’ estimates. The maker of Tysabri for multiple sclerosis slashed its annual profit forecast, however, due to costs tied to Alzheimer’s treatment Leqembi and the acquisition of Reata Pharmaceuticals last month. Occidental Petroleum — Shares of the Houston-based energy producer — 22% owned by Buffett’s Berkshire Hathaway — climbed more than 2% after quarterly earnings surpassed analysts’ expectations. Occidental reported earnings of $1.18 per share amid strong oil production, higher than the consensus estimate of 84 cents per share, according to LSEG, formerly known as Refinitiv. Rivian — Shares of the electric vehicle maker shed more than 4% after analysts stayed neutral in their investment opinion, despite Rivian posting a smaller-than-expected loss in the latest quarter. Rivian also gave an optimistic forecast for the full year, increasing its production forecast by 2,000 units, to 54,000. Roblox — Shares jumped nearly 18% …

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