Stocks making the biggest moves midday: Bumble, Beyond Meat, eBay, Urban Outfitters and more

Published Wed, Feb 28 20241:17 PM ESTUpdated Wed, Feb 28 20244:03 PM EST

Check out the companies making headlines in midday trading. Beyond Meat — The plant-based meat company skyrocketed more than 30% following its revenue beat . Beyond Meat reported fourth-quarter revenue of $73.7 million, versus the $66.7 million consensus estimate, per LSEG, formerly known as Refinitiv. The company also said it would "steeply reduce" costs this year. Bumble — The dating app stock tumbled 15% after reporting fourth-quarter earnings that fell short of Wall Street's expectations and posting an unexpected loss of 19 cents per share. Bumble also issued first-quarter guidance on earnings before interest, taxes, depreciation and amortization that came in weaker than anticipated. The company announced plans to lay off 350 employees . Advance Auto Parts — The auto parts retailer popped nearly 3% after sharing optimistic full-year guidance. Advance Auto Parts forecast earnings per share of between $3.75 and $4.25 for 2024, higher than the $3.65 expected by analysts polled by FactSet. As for the latest quarter, the company matched revenue estimates but posted an unexpected loss. eBay — Shares soared 8% after the online marketplace said it would raise its dividend by 2 cents. It also announced an additional $2 billion in share buybacks. Baidu — The U.S.-listed shares of the Chinese internet company tumbled 8% after Baidu posted fourth-quarter adjusted EBITDA and revenue that missed analysts' estimates, according to FactSet. First Solar — Shares added 3% after the solar panel manufacturer reported a fourth-quarter earnings beat . First Solar reported earnings of $3.25 per share, higher than the $3.13 per share expected by analysts surveyed by LSEG. Lemonade — The insurance stock plunged more than 27% one day after Lemonade gave disappointing first-quarter and full-year guidance. On the other hand, the company posted a narrower-than-expected loss and a beat on revenue for the fourth quarter, per LSEG. Revolve — The fashion retailer jumped 22% after surpassing analysts' expectations for the fourth quarter. The company said it earned 5 cents per share on a GAAP basis and $257.8 million in revenue. Analysts polled by FactSet forecast 2 cents per share in earnings and $246.2 million in revenue. Applied Materials — Shares declined 2.6%. The chip manufacturing company disclosed in a regulatory filing that it has received subpoenas from the U.S. Securities and Exchange Commission and U.S. Attorney's Office for the District of Massachusetts, requesting information about the company's shipments to China customers and about certain federal award applications. Applied Materials said it's cooperating fully. Viatris — The pharmaceutical company slid 7% after posting fourth-quarter revenue and adjusted EBITDA that disappointed analysts' expectations. Viatris' revenue of $3.83 billion missed the $3.89 billion anticipated by analysts polled by FactSet. Urban Outfitters — The clothing retailer tumbled 13% after missing estimates for its fourth-quarter earnings and revenue. Urban Outfitters reported adjusted earnings of 69 cents per share on revenue of $1.49 billion, lower than the 74 cents per share on $1.5 billion expected by analysts polled by LSEG. Crypto stocks — Crypto-adjacent stocks were propelled higher as bitcoin crossed above $62,000 for the first time since November 2021. Coinbase and MicroStrategy respectively climbed less than 1% and over 10%. Axon Enterprise — The weapons manufacturer popped 14% after reporting a fourth-quarter earnings beat. Axon posted adjusted earnings of $1.12 per share and revenue of $432 million. This topped analysts' expectations of 85 cents per share on $420.7 million of revenue, according to FactSet. Boeing — Shares of the aerospace company added nearly 3% after the Federal Aviation Administration said it would give Boeing 90 days to put together a quality control plan . The announcement follows an FAA audit into Boeing's production line, less than two months after a door panel blew out during an Alaska Airlines flight. Novavax — The vaccine maker slid 27% after Novavax missed Wall Street's estimates for its fourth-quarter revenue and earnings . The company also announced its expectations for full-year 2024 sales to come in flat or even lower than they did in 2023. Alphabet — Shares of the Google parent edged 2% lower after the tech firm was hit with a $2.3 billion lawsuit from 32 media groups . The media groups, which include Axel Springer and Schibsted, alleged that they had incurred losses stemming from Google's digital advertising practices. UnitedHealth Group — Shares of the health insurer slipped nearly 3%. The Wall Street Journal reported on Tuesday that the Justice Department has opened an antitrust investigation into UnitedHealth. — CNBC's Brian Evans, Michelle Fox, Alexander Harring, Pia Singh and Samantha Subin contributed reporting.