A man walks in front of a Peloton store in Manhattan on May 5, 2021 in New York.
John Smith | Corbis News | Getty Images
Check out the companies making the biggest moves at noon:
Peloton – The fitness platform operator saw its shares plummet 8.7% after the U.S. Consumer Product Safety Commission announced it was recalling more than 2 million bikes over concerns about seat fractures and related injuries. Peloton is offering free upgraded seatposts to all users of the recalled model.
Alphabet – Shares gained 5.1% in a day after Google unveiled new software and gadgets at its developer conference. The tech giant also said it was removing the waiting list for its chatbot, Bard.
PacWest Bancorp – Shares in the regional bank fell 25% after the company said deposits fell 9.5% in the week ended May 5. Other regional bank stocks followed suit, with Western Alliance and First Horizon down 7.3% and 3.2%, respectively.
Beyond Meat – Shares plunged 13.4% after the alternative meat maker announced it plans to sell up to $200 million worth of common stock. The company said it intends to use the proceeds for general corporate and working capital purposes. The announcement came after Beyond Meat reported a lower-than-expected earnings loss per share for the first quarter.
Disney – Disney shares plunged 8% after the media company reported a drop in streaming subscribers. According to Refinitiv, the entertainment giant also reported revenue and profit that matched Wall Street estimates.
Icahn Enterprises – Shares in Carl Icahn’s conglomerate fell another 4.5% after notable short seller Hindenburg Research doubled its short selling campaign against the company following the earnings release. Icahn Enterprises reported a net loss of $270 million in the first quarter, with its hedge fund posting a 4.1% loss over the period. A quarterly dividend of $2 per share has been declared.
AppLovin — Shares soared 26% after the company’s revenue surge in the first quarter. Revenue came in at $715.4 million, according to StreetAccount, compared to the expected $694.8 million. AppLovin’s guidance for the second quarter also exceeded expectations.
Goodyear Tire & Rubber — Shares of the tire maker rose nearly 20% after Elliott Investment Management sent the company a letter and presentation. Elliott, which owns about 10% of Goodyear, said the goal is to “map the right path forward to create value at Goodyear and realize its full potential.”
Unity Software — Shares rose about 13% after the video game software developer reported its first-quarter results. Unity Software’s $500 million in revenue beat the $480 million expected by analysts polled by Refinitiv. The company also raised its full-year sales guidance.
Tapestry – Shares of Coach’s parent company rose 8% after the company reported stronger-than-expected earnings and sales for the most recent quarter. It also issued an upbeat forecast for the year, which beat estimates.
Robinhood – The stock gained 4% after the broker reported better-than-expected revenue for the first quarter. According to Refinitiv, revenue for the first quarter was $441 million, compared to analyst estimates of $425 million. Robinhood also saw growth in monthly users, which reached 11.8 million.
Sonos — Shares fell 23.8% on disappointing quarterly results. The company reported an adjusted loss of 24 cents a share, while analysts polled by Refinitiv were expecting a loss of 18 cents a share. The home sound system maker also lowered its guidance for the second half of fiscal 2023 due to weaker consumer demand and running out of inventory at channel partners.
JD.com — U.S.-listed shares of JD.com rose 4.9% after the Chinese tech company beat analysts’ expectations for first-quarter sales and earnings. JD.com reported earnings of CNY4.76 per share, beating consensus estimates of CNY3.53. Revenue was CNY242.96 billion, beating expectations of CNY240.81 billion. Separately, JD.com announced that Sandy Ran Xu, the company’s current CFO, has been appointed to succeed Lei Xu as CEO and Executive Director.
Axon Enterprise – Axon Enterprise gained 3% after JPMorgan said the stock’s decline following Tuesday’s first-quarter results was a buying opportunity. The taser-maker fell 15% on Wednesday after reporting some disappointing total gross margin numbers, though it otherwise beat analysts’ expectations.
Albemarle – Chemical manufacturing stock rose 2% after Keybanc upgraded it from sector weight to overweight on improved trends in China’s lithium market.
— CNBC’s Tanaya Macheel, Hakyung Kim, Yun Li, Alex Harring, Samantha Subin and Sarah Min contributed coverage.