These Big Cap Stocks Are Moving the Most Today: Upstart, Twilio, Disney, and More.
Aug 09, 2023
These big cap stocks were primed to move. Wednesday:
Upstart Holdings (UPST) plummeted 18% in premarket trade after the artificial-intelligence loan startup announced a lower-than-expected third-quarter profit and sales estimate. Upstart estimates revenue of $140 million in the third quarter, down from $155.3 million forecasted. In addition, the business anticipates adjusted profits before interest, taxes, depreciation, and amortisation of $5 million, compared to analysts’ projections of $9.6 million.
Other Penn Entertainment (PENN) big cap stocks were up 13% after the company said that its Barstool Sportsbook app would be renamed as ESPN Bet this autumn as part of a 10-year arrangement with ESPN, which is controlled by Walt Disney. Penn will pay ESPN $1.5 billion over a ten-year period. Penn also sold its entire ownership in Barstool Sports to the company’s founder, David Portnoy. Shares of competitor DraftKings (DKNG) fell 3.6%.
Lyft LYFT (LYFT), the ride-hailing service, reported adjusted earnings of 16 cents per share in the second quarter, above projections of a loss of 1 cent, and released a third-quarter sales forecast that also exceeded expectations. However, the stock was down 7.4% after a disappointing fourth-quarter projection. According to executives on the company’s conference call, the early outlook for the fourth quarter indicates that sales would climb in the low to mid-single digits quarter over quarter.
Doximity (DOCS) big cap stocks were also down 25% after the physician cloud-software company said it would cut 10% of its workforce, or about 100 employees, and cut revenue guidance for fiscal 2024 to a range of $452 million to $468 million, down from $500 million to $506 million previously.
Akamai Technologies (AKAM) posted second-quarter adjusted earnings that were higher than expected, while sales increased 4% to $936 million. Akamai AKAM shares were up 5.7% in premarket trade after expanding into security software and cloud computing from its initial content delivery network business.
Take-Two Interactive (TTWO) underperformed on adjusted earnings in the fiscal first quarter, but the stock surged 2.7% in premarket trading after CEO Strauss Zelnick praised the video game maker’s robust release schedule.
Rivian Automotive (RIVN) reported second-quarter earnings that were higher than expected and boosted its full-year production forecast. The electric car manufacturer says it plans to produce 52,000 vehicles in 2023, up from 50,000 before. In premarket trade, the stock climbed 2%.
Twilio (TWLO) surged 8.4% after the software developer said it expected full-year operating income of $350 million to $400 million, up from $275 million to $350 million before. Analysts predicted $329 million in operating profits.
Toast (TOST), a cloud-based platform for restaurant operations, was up 13% after exceeding second-quarter revenue projections and posting $39 million in positive free cash flow.
WeWork (WE) fell 17% to around 17 cents per share after the co-working space provider stated that due to “losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the company’s ability to continue as a going concern.”
Walt Disney (DIS), Trade Desk (TTD), Illumina (ILMN), Roblox (RBLX), Wynn Resorts (WYNN), Applovin (APP), Plug Power (PLUG), and Wendy’s (WEN) are all slated to announce earnings on Wednesday.