Midday movers: Uber, Rivian, Twilio fall; Reddit and Arista rise
Investing.com -- Main U.S. indexes were flat Wednesday, as investors digested a series of quarterly corporate earnings ahead of comments from more Federal Reserve officials.
Here are some of the biggest U.S. stock movers today:
Uber (NYSE: UBER) stock slumped 8.6% after the ride-hailing firm forecast second-quarter gross bookings below expectations after missing the target for the first three months.
Apple (NASDAQ: AAPL) stock was unchanged despite news that its iPhone shipments in China increased by 12% in March, according to data from a Chinese research firm, after the tech giant and its retailers reduced prices.
Lyft (NASDAQ: LYFT) stock rose 9% after the ride-hailing company projected higher-than-expected gross bookings and a core profit for the current quarter.
Reddit (NYSE: RDDT) stock rose 2% after the social media platform said it could post an adjusted profit in the second quarter, in its debut earnings report, thanks to its booming advertising business and content-licensing deals with AI companies.
Upstart (NASDAQ: UPST) stock sank 11% after the online lending platform offered up weak guidance for the current quarter.
Rivian (NASDAQ: RIVN) stock fell 3.5% after the electric vehicle maker reported a wider-than-expected first-quarter loss, while sticking with a 2024 production forecast that was well below Wall Street expectations.
Electronic Arts (NASDAQ: EA) stock fell 2% after the video game maker reported weak full-year earnings and revenue guidance.
Luminar Technologies (NASDAQ: LAZR) stock soared 27% after the lidar maker announced that Tesla (NASDAQ: TSLA) was its biggest customer in the first quarter, amounting to more than 10% of the company’s revenue during that period.
Wynn Resorts (NASDAQ: WYNN) stock fell 2.25% despite news that the casino operator beat expectations for first-quarter profit as strength in gaming, luxury retail and hotel bookings drove steady demand at its Macau properties.
AB Inbev (NYSE: BUD) ADRs rose 4.5% after the brewing giant posted revenue that met expectations and volumes that topped estimates in the first quarter, with the impact of a U.S. boycott of its Bud Light brand seen easing.
Twilio (NYSE: TWLO) stock fell 6% after the cloud communications company forecast lower-than-expected revenue for the upcoming quarter, citing economic uncertainties.
Arista Networks (NYSE: ANET) stock rose 7.3% after the cloud networking company topped quarterly estimates and provided a optimistic current-quarter outlook, driven by growing demand for AI networking solutions.
Tesla (NASDAQ: TSLA) fell 2% after Reuters reported that U.S. prosecutors are examining if it committed securities or wire fraud by misleading investors and consumers about its cars' self-driving capabilities.
Intel (NASDAQ: INTC) fell 2% after it said the U.S. Department of Commerce informed it that it was revoking certain licenses for exports of consumer-related items to a customer in China, effective immediately. As a result, the Company expects revenue for the second quarter of 2024 to remain in the original range of $12.5 billion to $13.5 billion, but below the midpoint.
LyondellBasell Industries (NYSE: LYB) rose 2% after it announced the formal launch of a strategic review of the European assets of its Olefins & Polyolefins and Intermediates & Derivatives business units.
Shopify (NYSE: SHOP) fell 20% after the e-commerce company's forecast for second quarter operating expenses and gross margin spooked some investors.
Additional reporting by Louis Juricic