Warner Bros. Discovery reported a wider-than-expected third-quarter loss. Photographer: Bing Guan/Bloomberg
Bing Guan/Bloomberg
The
S&P 500
and
Nasdaq Composite
barely kept their winning streaks alive on Wednesday, but the
Dow Jones Industrial Average
snapped its own streak.
These stocks made moves Wednesday:
Warner Bros. Discovery
(WBD) declined 19% 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 10.6%, after reporting third-quarter revenue of $748 million that topped expectations.
Roblox
(RBLX) rose 12% 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) fell 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 14%.
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 2.4%.
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 8%.
Fisker
(FSR) fell 8.7% 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 5.2% after its Rockstar Games publishing label confirmed an earlier report that the first trailer for the hotly anticipated next installment of the Grand Theft Auto videogame franchise will be unveiled in December.
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 fell 2%.
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 14%.
Sleep Number
(SNBR) tanked 29% 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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