Stocks moving most midday: Roblox, Airbnb, Barclays, Silvergate Capital, and more.
Check out the companies making the biggest changes at noon Wednesday:
Roblox
Shares of the video game firm jumped 26.38% after the company reported $899.4 million in fourth-quarter bookings, beating the $875.3 million bookings projected by analysts, according to StreetAccount. CEO David Baszucki also said, “With 65 million daily active users in January, we are getting closer to our goal to change the way people get together by giving them deeper ways to express themselves, talk to each other, and be immersed in a world.”
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Airbnb
Following a better-than-anticipated fourth quarter, shares of the vacation rental company rose 13.35%. Airbnb announced earnings per share of 48 cents on revenue of $1.90 billion. Refinitiv polled analysts, who predicted 25 cents per share and $1.86 billion in revenue. Additionally, the company reported “continued high demand” in the first quarter.
Silvergate Capital
The crypto bank jumped 28.57% after Ken Griffin’s Citadel Securities reported a 5.5% stake in the company for around $25 million.
Devon Energy
Shares fell 10.49% after the energy business reported earnings and revenue for the fourth quarter that fell short of expectations. Devon made $1.66 per share on $4.3 billion in revenue. Analysts anticipated a per-share profit of $1.75 on revenue of $4.39 billion.
Akamai Technologies The cloud stock fell 10.41% after Akamai announced a revenue and earnings forecast for the first quarter that was below market expectations. RBC Capital Markets also downgraded shares from outperform to sector perform and reduced its price objective from $100 per share to $85 per share.
Generac Holdings
Shares increased by 8% after the manufacturer of power generators posted fourth-quarter earnings of $1.78 per share, exceeding the StreetAccount consensus estimate of $1.75 per share. Generac’s $1.05 billion in revenue came in just below the consensus estimate of $1.07 billion.
Barclays
The U.S.-listed stock of the U.K. bank dropped 8.35% after Barclays reported a 19% drop in annual net profit. This was partly due to a trading mistake in the U.S. that led to litigation and conduct costs.
Analog Devices
According to StreetAccount, the chipmaker’s stock rose 7.47% after it announced adjusted earnings of $2.75 for the fiscal first quarter, exceeding analysts’ expectations of $2.25. The company’s revenue was $3.25 billion, above projections of $3.15 billion.
Citigroup downgraded Bath & Body Works from “buy” to “neutral,” resulting in a 3.76% drop in the stock price. The Wall Street company expects major margin pressures to persist through 2023.
Following the announcement that Berkshire Hathaway raised its interest in the entertainment company, shares of Paramount Global rose 9.31%. Warren Buffet’s firm now owns nearly 93 million shares of Paramount.
Martin Marietta Materials
Shares rose 7.47% after the company reported a net income of $183.6 million for the fourth quarter, up from $156.8 million the previous year. However, it fell short of Wall Street’s expectations, with adjusted earnings per share of $3.04, compared to the Street Account estimate of $3.08. The sales of products and services also fell short of projections.
The American Eagle Outfitters brand The apparel company’s stock slid 2.93% after Jeffries downgraded it to hold from buy. The Wall Street firm cited the historically low performance of the clothing and footwear category over the past 8 recessions.
Taiwan Semiconductor Company
The stock of the Taiwanese semiconductor manufacturer fell 5.31 percent after Berkshire Hathaway disclosed it had reduced its interest in the company by 86 percent from the prior quarter to $168 million.