A view of the charging Bull with a woman in New York City USA during coronavirus pandemic on April 25, 2020.
John Nacion | NurPhoto | Getty Images
Check out the companies making headlines in midday trading.
Lyft – Shares jumped more than 23% following the company’s first-quarter results. The ride-hailing company lost an adjusted $1.09 per share for the quarter, which was larger than the 63 cents loss analysts had been expecting, but revenue topped estimates and rose 23% year over year. The number of active riders increased by 3% year over year.
Peloton – Shares surged more than 13% after the company said its sales jumped 66% year over year, fueled by people staying home amid the coronavirus pandemic. The company lost 20 cents per share on $524.6 million in revenue.
PayPal — Shares of PayPal soared nearly 13% following its quarterly earnings that showed a jump in transactions. PayPal’s daily number of transactions accelerated throughout the month, growing from the beginning of April until month end by 25%, the CEO said on the earnings call. Despite the strong numbers, PayPal missed on the top and bottom lines of its quarterly results. The company earned 66 cents per share on revenue of $4.62 billion, while analysts polled by Refinitiv expected earnings of 75 cents per share on revenue of $4.74 billion.
Square — Shares of payments company Square surged 10% after its CFO said its Cash App generated 112% profit growth in March. “In March and then again in April, Cash App set new highs for its number of net-new monthly transacting actives,” Square CFO Amrita Ahuja said on the earnings call. Square reported a loss of 2 cents per share, while analysts were forecasting earnings of 13 cents per share, according to Refinitiv.
Grubhub — Shares of the food delivery company plunged more than 12% after the company said that it is investing in marketing and promotion its partner restaurants and increased safety measures. Despite the shift to delivery and takeout, Stifel said in a note to clients that the investments mean that “may take longer for these trends to benefit the company financially.”
T-Mobile — T-Mobile shares jumped more than 7% on the back of better-than-expected earnings. The wireless carrier posted a profit of $1.10 per share, topping a Refinitiv estimate of $1.02 per share. Net paid additions came in at 452,000. That’s more than a FactSet estimate of 426,000.
Moderna — Shares of the biotechnology company rose more than 8% after the FDA approved the company’s coronavirus vaccine for a phase 2 trial. “We are accelerating manufacturing scale-up and our partnership with Lonza puts us in a position to make and distribute as many vaccine doses of mRNA-1273 as possible, should it prove to be safe and effective,” CEO Stephane Bancel said in a statement.
ViacomCBS — Shares of the entertainment company soared more than 14% after better-than-expected quarterly results. The company reported $1.13 in adjusted earnings per share and $6.67 billion in revenue for its first quarter. Analysts were expecting 96 cents in earnings per share and $6.59 billion in revenue, according to Refinitiv. The company said that it has access to a $3.5 billion revolving credit facility to help with any liquidity issues created by the pandemic.
PNC, Citizens Financial, Truist — Bank stocks were higher across the board on Thursday, with the regional and mid-sized banks leading the way, as investors shifted to the more beaten-down sectors. Shares of Citizens rose 6.1%, while Truist and PNC both gained more than 5%.
JetBlue, Delta Airlines, Carnival, Norwegian —Travel stocks rose on Thursday, fueled by hopes that the economy may reopen faster than some anticipate. Norwegian shares jumped 6.1%, while JetBlue, Delta and Carnival all rose more than 5%. JetBlue’s rise came despite reporting first quarter results that missed Wall Street expectations on the top and bottom lines.
Gap, Kohl’s — Retail stocks rose sharply as the companies that would benefit most from a quick economic bounce back climbed on Thursday. Shares of Kohl’s jumped 9.6%, while shares of Gap rose more than 7%. The moves came in spite of more news of trouble in the sector, with Neiman Marcus filing for bankruptcy.
Occidental Petroleum, Baker Hughes, Devon — Energy stocks moved higher as oil prices resumed their rebound on Thursday. Shares of Baker Hughes jumped 8.3%, while Devon surged more than 7% and Occidental rose 6.8%.
Fortinet — Shares of cybersecurity company rose more than 21% after the company topped Wall Street expectations for the first quarter. Fortinet generated 60 cents in adjusted earnings per share on $576.9 million in revenue. Consensus estimates were for 50 cents per share and $556.7 million in revenue, according to FactSet. Piper Sandler raised its price target for the stock after the report, citing “deal strength across the board.”