A customer holds a drink at a Starbucks coffee shop in San Francisco, California on Thursday, July 28, 2022.
David Paul Morris | Bloomberg | Getty Images
Check out the companies making the biggest moves at noon:
Starbucks — The Seattle-based coffee company rose 8.48% after reporting quarterly earnings and earnings that beat expectations. Net sales rose $3.35 billion to $8.41 billion and global same-store sales rose 7%.
Twilio — Shares of Twilio plunged 34.61% a day after the company released a weaker-than-expected sales forecast. On Friday, Cowen downgraded the communications tools company to market perform from outperform, citing deteriorating macro trends.
Cloud stocks – Cloud stocks suffered a setback amid fears that interest rates will rise for longer than expected. Better-than-expected jobs data on Friday also fueled concerns over the ongoing Fed tightening. Foreclosure lost 4.48%, cloud flare fell by 18.42% and Paycom down 6.17%. Elsewhere, mass strike was down 9.87%, ZoomInfo Technologies lost 6.3%, Bill.com down 8.44%, service now lost 6.18% and data dog down 6.17%.
block — Shares rose 11.5% after the mobile payments company beat profit and revenue expectations in its third-quarter results. Block reported earnings of 42 cents a share on revenue of $4.52 billion. Analysts polled by Refinitiv were forecasting earnings of 23 cents a share on sales of $4.49 billion.
Carvana — Carvana fell 38.95% after it reported worse-than-expected quarterly results on Thursday. On Friday, Morgan Stanley’s Adam Jonas withdrew the company’s ratings and price target for the used-car dealership, citing the deteriorating used-car market and a volatile financing environment.
coin base — The stock rose 5.41% after the company reported better-than-expected user numbers, despite Coinbase reporting missed earnings and revenue expectations. The cryptocurrency platform reported a drop in revenue from a year ago when investors sold off digital assets.
DoorDash — The grocery delivery platform rose 8.32% after it reported record orders that resulted in revenue that beat expectations. However, the quarterly loss was still larger than expected.
Atlasian – Atlassian shares fell 28.96% on Friday after the collaboration software maker reported lower-than-expected earnings and released a disappointing outlook on Thursday. Piper Sandler downgraded the stock to neutral from overweight on Friday, citing a slowdown in subscription billing for the company.
Top golf Callaway brands — Topgolf Callaway shares are up 7.86%. The company on Thursday reported earnings that beat expectations. Jefferies analyst Randal Konick also raised his price target on the stock to $56, up 221% from Thursday’s close.
Funko – Funko shares fell 59.38% after the company reported disappointing earnings that included a less than rosy forecast of a fourth-quarter loss. In addition, JPMorgan downgraded the company to neutral from overweight, citing the lack of earnings and an uncertain future.
DraftKings – DraftKings fell 27.82% after warning that a prolonged economic downturn could hurt spending by its customers. However, the sports betting company also reported a lower-than-expected quarterly loss and earnings that beat Wall Street forecasts
Cinemark stocks — Shares gained 9.43% after the cinema operator reported better-than-expected quarterly earnings.
Warner Bros. Discovery – Warner Brothers Discovery fell 12.87% after it reported a bigger-than-expected profit loss and sales that fell short of analysts’ estimates. Bloomberg also reported that the company plans to cut jobs at its film unit.
PayPal — PayPal slipped 1.79% after lowering its forecast for annual revenue growth. The company expressed caution about the impact of an economic downturn. However, it reported better-than-expected quarterly earnings and earnings.
Freeport-McMoRan — The miner’s shares rose 11.5% after the copper it mines rose. Rumors and speculation about the possibility of China reopening its economy fueled the rise in commodity prices.
China Stocks – This speculation of a possible lifting of the Covid restrictions by China also pushed the stocks of China-based companies higher. Ali Baba jumped 7.05%, Pinduo increased by 8.64%, bilibili increased by 22.88% and JD.com gained 9.74%.
– CNBC’s Alexander Harring, Sarah Min and Carmen Reinicke contributed coverage.