Stocks making the biggest moves midday: Virgin Galactic, Robinhood, Yelp, Novavax & more
Billionaire entrepreneur Richard Branson prepares to spray champagne after flying with a crew in Virgin Galactic’s passenger rocket plane VSS Unity to the edge of space at Spaceport America near Truth or Consequences, New Mexico, U.S., July 11, 2021.
Joe Skipper | Reuters
Check out the companies making headlines in midday trading.
Robinhood — Shares of Robinhood popped more than 9% after the company reiterated that it is not selling any additional stock. On Thursday, the company disclosed that existing shareholders will sell up to 97.9 million shares over time. The trading app also clarified Friday morning that these sales would not start right away, easing concerns about an immediate jump in stock supply that could weigh down the shares.
Yelp — The online review site operator’s stock jumped over 7% after it reported quarterly earnings late Thursday of 5 cents per share, beating forecasts of a 9-cent per share loss. The company also beat estimates on revenue and raised its full-year forecast, citing continued strength in ad revenue.
Virgin Galactic — Shares of Virgin Galactic jumped more than 7% following the space tourism company’s second-quarter results. Virgin Galactic announced it would reopen ticket sales with seats starting at $450,000, while further delaying the beginning of commercial service. Wall Street had mixed views on the news.
Dropbox – Shares of the cloud storage company advanced more than 3% following earnings. Dropbox beat top- and bottom-line estimates during the second quarter, earning 40 cents per share excluding items on $531 million in revenue. Analysts surveyed by Refinitiv were expecting the company to earn 33 cents per share on $524 million in revenue.
DraftKings – The sports betting company saw its shares rise 1.9% following a stronger-than-expected quarterly report. DraftKings reported quarterly profit and revenue that beat analysts’ estimates and raised its revenue forecast for the full year 2021.
Novavax – Shares of the drug maker plunged more than 19% after the company said it would delay seeking emergency use authorization for its Covid-19 vaccine until the fourth quarter. Novavax also posted a wider-than-expected loss and revenue that fell short of Wall Street’s expectations.
Didi Global – The Chinese ride-hailing company rose about 0.5% after Bloomberg News reported the firm is weighing giving up control of its most valuable data to help resolve a regulatory probe by the Chinese government. Chinese regulators started a cybersecurity review and forced Didi to stop signing up new users during the process.
Carvana – Carvana shares edged up over 1% after the online used-car retailer posted an unexpected profit for its latest quarter. It marked the company’s first profitable quarter. Carvana also posted better-than-expected revenue as auto sales enjoyed a boom in demand since the pandemic began last year.
– CNBC’s Maggie Fitzgerald, Hannah Miao, Pippa Stevens and Tanaya Macheel contributed reporting.
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