Stocks making the biggest midday moves: Buzzfeed, First Republic, Meta
Check out the companies making headlines Tuesday afternoon.
MENLO PARK, CALIFORNIA – FEBRUARY 02: A security guard stands next to a sign at Meta Headquarters on February 02, 2023 in Menlo Park, California. Facebook’s parent company Meta reported better-than-expected fourth-quarter earnings on revenue of $32.17 billion. The company’s stock rose 23 percent on its best trading day in nearly a decade. (Photo by Justin Sullivan/Getty Images)
Justin Sullivan | News from Getty Images | Getty Images
BuzzFeed — The internet media company’s stock fell about 10% on a weak first-quarter revenue outlook. Buzzfeed expects first-quarter revenue of $61 million to $67 million, compared to expectations of $83.6 million, according to FactSet. The company beat sales expectations in its fourth-quarter results.
meta platforms – Meta shares rose 6% after CEO Mark Zuckerberg said Tuesday the social media company plans to cut 10,000 employees. The announcement comes just months after the tech giant announced it was laying off more than 11,000 employees in November.
United Airlines – Shares fell about 5 after United had forecast a loss for the first quarter, citing weaker demand than other months and higher fuel costs. The airline expects adjusted quarterly loss of between 60 cents and $1 a share, up from a previous guidance of adjusted earnings of 50 cents to $1 a share.
First RepublicPacWest Bancorp, Western Alliance Bancorp, Comerica – Regional banks rebounded strongly on Tuesday after being hit hard last Friday and Monday. Shares in San Francisco-based First Republic are up about 50%, while PacWest is up more than 60% and Western Alliance Bancorp is up more than 40%. America, KeyCorp And Zion Bancorp all increased by more than 10%. The moves came as several banks reported only modest payouts from depositors and Ken Griffin’s Citadel hedge fund took a large stake in Western Alliance following the collapse of Silicon Valley Bank.
Charles Schwab Corp., MorganStanley, Wells Fargo — Shares of larger financials were in the green on Tuesday as the entire sector tried to recover from last week’s losses. Charles Schwab is up 9%, Morgan Stanley is up 3% and Wells Fargo is up nearly 5%. Deutsche Bank previously recommended Charles Schwab again as a buy, saying the liquidity risks were overblown.
playgroup — Match rose 6.1% after moving from equal weight to overweight in Barclays, noting that the owner of the dating platform has become a value stock in recent years.
Cvent Holding Corp. — The software company rose more than 12% after Blackstone agreed to buy it for $8.50 a share in a deal valued at about $4.7 billion. The transaction is expected to be completed by the middle of this year.
GitLab — The project planning software maker plunged 27% after releasing a weaker-than-expected outlook. Gitlab expects revenue of $529 million to $533 million for the year ended January 2024, down from a Refinitiv guidance of $586.4 million. The company reported an improvement in revenue and earnings in its fiscal fourth quarter results that just ended.
Over, lyft, DoorDash — Uber and delivery company Doordash each rose more than 5%, while Lyft, Uber’s ridesharing service, rose about 3% after a California appeals court overturned a previous ruling saying the companies continue to treat drivers as independent contractors can.
– CNBC’s Alex Harring, Jesse Pound, Tanaya Macheel and Michelle Fox Theobald contributed coverage
https://www.cnbc.com/2023/03/14/stocks-making-biggest-midday-moves-buzzfeed-first-republic-meta.html Stocks making the biggest midday moves: Buzzfeed, First Republic, Meta