Disney, Snowflake, DoorDash and extra
The New York Stock Exchange welcomes the Walt Disney Company (NYSE: DIS) on Tuesday, May 4, 2021 in honor of Star Wars Day.
Check out the companies that are making headlines in mid-day trading.
Disney – The media giant’s share price fell more than 3% after missing revenue and streaming subscribers’ estimates. According to Refinitiv, Disney’s earnings of 79 cents per share are well above the 27 cents per share expected by Wall Street. The company had sales of $ 15.61 billion, missing an estimate of $ 15.87 billion. Disney has missed subscriber estimates for Disney +, standing at 103.6 million paid subscribers. It was expected to publish 109 million.
DoorDash – The grocery supplier’s shares rose 24% after the company raised its outlook for 2021. DoorDash raised its annual forecast for the order value to $ 35 billion to $ 38 billion, from $ 30 billion previously to $ 33 billion. The company said delivery drivers are in short supply, but consumer demand is stronger than expected.
Airbnb – The landlord’s shares rose 3% after the company posted better-than-expected quarterly sales. The company had first quarter revenues of $ 887 million, beating a refinitive forecast of $ 714 million. While Airbnb still posted a net loss for the quarter, one key earnings metric also improved year over year. Wells Fargo has revalued the stock from equilibrium to overweight according to the earnings report.
Snowflake – The software company’s shares rose more than 8% after Goldman Sachs switched them to neutral. The world was still in the “relatively early beginnings” of moving to the cloud, which gave Snowflake a clear upward trend.
Churchill Downs – The casino and gambling company’s shares rose more than 4% after Jefferies upgraded the stock to buy it off the hold. The company said Churchill Downs was focused on growth in several parts of its business and that the stock’s recent weakness was not tied to fundamentals.
Plantronics – Shares in the company formerly known as Plantronics and now known as Poly fell 18% in midday trading after the audio and video product maker blamed the semiconductor shortage for a weaker financial forecast. Adjusted earnings of 35 to 55 cents in the first quarter equates to a revenue share of $ 410 to 450 million, which is below analysts’ expectations.
Fisker – Fisker shares rose nearly 5% to around $ 10.46 per share after it was revealed it signed agreements with Hon Hai Technology Group, also known as Foxconn, to develop a new groundbreaking electric vehicle. Fisker said the new segment vehicle will be jointly developed and sold in international markets such as North America, India and China.
Aurora Cannabis – The cannabis company’s shares fell more than 5% after the company posted below-expectations revenue in the third quarter, impacted by pandemic restrictions in Canada.
– with reports from Yun Li, Jesse Pound and Tom Franck of CNBC.
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