See the companies making headlines in midday trading. Warner Bros. Discovery — Shares fell 9.9% after the media conglomerate reported disappointing fourth-quarter results and failed to provide 2024 free cash flow guidance. Warner Bros. Discovery reported a loss of 16 cents per share on revenue of $10.28 billion. Analysts polled by LSEG, formerly known as Refinitiv, expected a loss per share of 7 cents on revenue of $10.35 billion. Block – Block shares rose more than 16% after the payments company reported a surprise quarterly profit and offered strong guidance for earnings before interest, taxes, depreciation and amortization for the first quarter and full year. DraftKings — Sports betting stocks gained 1% after Barclays was upgraded to overweight from equal weight. The firm said the shares are at an attractive entry point after the recent pullback. Rivian — Electric vehicle shares fell 12% to hit a 52-week low, a day after falling nearly 26%. Rivian on Thursday issued 2024 production guidance that came in below estimates and reported a wider-than-expected fourth-quarter loss of $1.36 per share. On Friday, UBS downgraded the stock from sell to buy and cut its price target to $8 from $24. Bloomin’ Brands — Shares of the restaurant company rose nearly 3% after reporting record growth in adjusted earnings per share in the fourth quarter, according to FactSet. Restaurant profits were also higher than expected. Booking Holdings – Shares fell 10.1% after the online travel booking company posted weaker-than-expected first-quarter gross bookings and EBITDA guidance, overshadowing better-than-expected quarterly results. Nio — U.S.-traded shares of the Chinese electric vehicle company fell 7.7% after JPMorgan downgraded its ratings. The investment firm said Nio’s sales may grow more slowly than expected, raising concerns about a lack of new models. Live Nation Entertainment. Shares of the entertainment platform rose about 2% after Live Nation reported fourth-quarter revenue of $5.84 billion, higher than the $4.79 billion expected by analysts surveyed by LSEG. Carvana – Used car market shares jumped by 32.1% after the struggling company posted its first-ever annual profit. Carvana forecast first-quarter adjusted EBITDA to “well exceed” $100 million. Following the results, William Blair upgraded Carvana to outperform and Raymond James upgraded it to market perform from underperform. MercadoLibre — Shares fell about 10% after the e-commerce platform reported flat annual profit for the fourth quarter. Operating profit also fell short of estimates. Penumbra – Shares fell 9.3%. JPMorgan downgraded the medical device company to neutral from overweight, noting that “Penumbra will remain in the penalty box until it proves to investors that it is capable of reaching levels that it can consistently outperform and raise.” Nextdoor Holdings – Shares jumped more than 16% after the company reported better-than-expected preliminary fourth-quarter earnings. Nextdoor also announced an increase to its share repurchase program by $150 million. Co-founder Nirav Tolia will also return as CEO. Insulet – Shares fell 6.5% after the company reported disappointing first-quarter revenue guidance. Insulet forecast revenue will grow 17% to 20% annually, while analysts surveyed by FactSet had forecast growth of 24.3%. EOG Resources – Shares of the oil company fell 3.9% after issuing weak guidance for the current quarter and full year. EOG reported ongoing earnings and increased revenue in the fourth quarter. — CNBC’s Alex Harring, Samantha Subin, Brian Evans, Lisa Kailai Han, Jessie Pound, Michelle Fox and Sarah Min contributed reporting.
