Stocks on the Rise: Bumble, Beyond Meat, and eBay Gain Momentum Midday

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The stock market is buzzing with activity as several companies make waves in midday trading. Let’s take a closer look at some of the most significant movers and shakers in the financial world today.

Beyond Meat Surges on Revenue Beat

Plant-based meat company Beyond Meat is making headlines after its stock skyrocketed by over 30% following a revenue beat. The company reported fourth-quarter revenue of $73.7 million, surpassing the consensus estimate of $66.7 million. Beyond Meat also announced plans to “steeply reduce” costs this year, further boosting investor confidence.

Bumble Faces Setback with Disappointing Q4 Earnings

Dating app Bumble experienced a 15% drop in its stock price after reporting fourth-quarter earnings that fell short of Wall Street’s expectations. The company also posted an unexpected loss of 19 cents per share. Bumble’s first-quarter earnings before interest, taxes, depreciation, and amortization guidance came in weaker than anticipated, leading to concerns among investors. As a result, the company announced plans to lay off 350 employees.

eBay Raises Dividend and Announces Share Buybacks

Online marketplace eBay saw a significant surge of 8% in its stock price after announcing a 2-cent increase in its dividend and an additional $2 billion in share buybacks. These moves demonstrate the company’s commitment to enhancing shareholder value and maintaining its strong market position.

Other Notable Stocks in Focus

  • Advance Auto Parts: The auto parts retailer experienced a 3% stock increase after sharing optimistic full-year guidance. The company’s forecasted earnings per share for 2024 exceeded analysts’ expectations, although it posted an unexpected loss in the latest quarter.
  • Baidu: The U.S.-listed shares of the Chinese internet company tumbled 8% after Baidu reported fourth-quarter adjusted EBITDA and revenue below analysts’ estimates.
  • First Solar: Shares of the solar panel manufacturer rose by 3% after reporting better-than-expected fourth-quarter earnings.
  • Lemonade: The insurance stock plunged over 27% after giving disappointing first-quarter and full-year guidance, despite beating revenue expectations for the fourth quarter.
  • Revolve: The fashion retailer’s stock jumped 22% after exceeding analysts’ expectations for the fourth quarter.
  • Applied Materials: The chip manufacturing company saw a 2.6% decline in its stock price after disclosing subpoenas from the U.S. Securities and Exchange Commission and U.S. Attorney’s Office. The requests pertain to information about the company’s shipments to China customers and certain federal award applications.
  • Viatris: The pharmaceutical company experienced a 7% slide in its stock price after posting disappointing fourth-quarter revenue and adjusted EBITDA figures.
  • Urban Outfitters: The clothing retailer tumbled 13% after missing estimates for its fourth-quarter earnings and revenue.
  • Crypto Stocks: With bitcoin crossing above $62,000 for the first time since November 2021, crypto-adjacent stocks saw a significant boost. Coinbase and MicroStrategy, respectively, climbed less than 1% and over 10%.
  • Axon Enterprise: The weapons manufacturer’s stock surged 14% after reporting a fourth-quarter earnings beat.
  • Boeing: Shares of the aerospace company gained nearly 3% after the Federal Aviation Administration gave them 90 days to develop a quality control plan. The announcement followed an FAA audit triggered by a door panel incident during an Alaska Airlines flight.
  • Novavax: The vaccine maker’s stock slid 27% after missing Wall Street’s estimates for its fourth-quarter revenue and earnings. Additionally, Novavax expects flat or potentially lower sales in 2024 compared to 2023.
  • Alphabet: Shares of Google’s parent company declined by 2% after facing a $2.3 billion lawsuit from 32 media groups. These groups alleged losses stemming from Google’s digital advertising practices.
  • UnitedHealth Group: Shares of the health insurer slipped nearly 3% after news broke that the Justice Department has launched an antitrust investigation into UnitedHealth.
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