Check out the companies making headlines in midday trading Monday.
Palantir – Shares of the software company dropped 21.3% after Palantir’s first-quarter earnings came in below expectations. The company reported 2 cents of adjusted earnings per share on $446 million of revenue. Analysts surveyed by Refinitiv expected 4 cents of earnings per share on $443 million of revenue. Palantir’s second-quarter guidance for revenue and adjusted operating margin was also below expectations, according to StreetAccount.
Rivian – Shares of the electric vehicle maker fell 20.9% following a CNBC report that Ford Motor will sell 8 million shares as the insider lockup for the stock is set to expire. Ford currently owns 102 million shares of Rivian. Ford shares fell 4%.
Uber – The ride-sharing company’s stock dropped 11.6% after CEO Dara Khosrowshahi revealed plans to slash marketing and incentives spending and treat hiring as a “privilege,” according to an email to employees obtained by CNBC. “It’s clear that the market is experiencing a seismic shift and we need to react accordingly,” he said.
Coty — Shares tumbled 7.4% despite an earnings beat from the cosmetics company. Coty earned 3 cents per share on revenues of $1.19 billion in its most recent quarter. Analysts polled by Refinitiv were expecting earnings of 1 cent per share on revenues of $1.15 billion. Coty also raised its full-year outlook based on strong consumer demand.
Tyson Foods – Shares of the beef and poultry producer gained 2.2% on the back of better-than-expected quarterly results. Tyson reported earnings of $2.29 per share on revenue of $13.12 billion. Analysts had expected a profit of $1.91 per share on revenue of $12.85 billion, according to Refinitiv.
BioNTech – The stock rose 3.1% after BioNTech posted a better-than-expected first-quarter report. BioNTech earned $14.24 per share on revenue of $6.37 billion. Analysts polled by Refinitiv expected a profit of $9.16 per share on revenue of $4.34 billion.
Twitter – Shares of the social media company fell 3.7% after The New York Times reported on Elon Musk’s financial goals for Twitter, citing an investor presentation. The billionaire — who is acquiring Twitter for $44 billion — aims to quintuple revenue by 2028, cut Twitter’s reliance on advertising and reach 931 million users by 2028, among other objectives set out in the presentation.
Dish Network – Shares dipped 4.5% after JPMorgan downgraded Dish to neutral from overweight, citing “weaker than expected PayTV and wireless results.” Meanwhile, Credit Suisse upgraded Dish to outperform from neutral, saying it sees “sufficient upside” for the company.
Match – Shares of the online dating company slid 4.5% after Wells Fargo upgraded the stock to overweight from equal weight. Wells said shares are “compelling” at current levels.
Virgin Galactic – Shares of Virgin Galactic pulled back by 10.7% as Truist downgraded the space travel company to hold from buy amid concerns over additional flight delays.
— CNBC’s Jesse Pound, Tanaya Macheel, Samantha Subin and Sarah Min contributed reporting.
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