Stocks fell Wednesday with the three major U.S. stock market indexes on track to snap winning streaks.
These stocks were making moves Wednesday:
Warner Bros. Discovery
(WBD) declined 16% and was the worst performer in the
S&P 500.
The entertainment company reported a wider-than-expected third-quarter loss and a decline in television revenue amid Hollywood strikes and a difficult advertising market.
Extra Space Storage
(EXR) was the S&P 500’s best performer, rising 8.3%, after reporting third-quarter revenue of $748 million that topped expectations.
Roblox
(RBLX) rose 14% after the videogame platform reported a narrower-than-expected third-quarter loss and as bookings and average daily active users each jumped 20% in the period.
Robinhood Markets
(HOOD) missed Wall Street’s third-quarter revenue expectations as transaction revenue and monthly active users both slowed. Shares of the trading app declined 14%.
Array Technologies
(ARRY) was falling 18% after the solar tracking solutions company issued weak guidance for the full year. For 2023, Array said it expects revenue in the range of $1.525 billion to $1.575 billion while analysts had been forecasting revenue of $1.64 billion.
Upstart Holdings
(UPST) fell 27% after the artificial intelligence lending platform posted an adjusted loss of 5 cents a share in the third quarter while analysts were expecting a loss of 2 cents. Revenue of $135 million missed forecasts of $140 million. The company’s revenue outlook for the fourth quarter also was shy of estimates.
Toast
(TOST), the cloud-based platform for restaurant operations, said it expects full-year revenue of $3.83 billion to $3.86 billion, narrower than a previous forecast of $3.81 billion to $3.87 billion. The reduction to the top end of revenue guidance sent shares of
Toast
down 13%.
Rivian Automotive
(RIVN), the electric-vehicle maker, raised its production guidance for 2023, saying it now expects to produce 54,000 cars, up from previous guidance of 52,000. The company also reported a narrower third-quarter loss. The stock was down 4.9%.
Lucid Group
‘s (LCID) third-quarter sales missed Wall Street estimates and the electric-vehicle start-up reduced production guidance to a range of 8,000 to 8,500 vehicles this year from about 10,000.
Lucid
shares fell 10%.
Fisker
(FSR) fell 6.9% after the EV maker delayed the release of its third-quarter results until Nov. 13. Earnings has been scheduled before the stock market opened Wednesday.
Take-Two Interactive Software
(TTWO) rose 6.5% following a report that said the hotly anticipated next installment of the Grand Theft Auto videogame franchise may be announced this week.
EBay
(EBAY) issued fourth-quarter revenue guidance of $2.47 billion to $2.53 billion, with growth on a currency-adjusted basis ranging from a 1% decline to a 2% increase. Analysts had been estimating revenue of $2.6 billion for eBay’s fourth quarter. Shares of the online marketplace were falling 4.1%.
IT infrastructure provider
Kyndryl
(KD) posted third-quarter revenue of $4.1 billion, about $100 million better than analysts’ estimates. The company also reported adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, of $574 million, well above Wall Street consensus of $487 million. The stock rose 12%.
Sleep Number
(SNBR) was down 25% after the mattress maker posted a surprise third-quarter loss and predicted a loss for the full year of 70 cents a share that includes restructuring charges from job cuts and store closures the company announced Tuesday.
Write to Joe Woelfel at [email protected]
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