Stock Market

Stocks making the biggest moves midday: Disney, Snowflake, DoorDash and more

The New York Stock Exchange welcomes The Walt Disney Company (NYSE: DIS), on Tuesday, May 4, 2021, in honor of Star Wars Day.
Source: NYSE

Check out the companies making headlines in midday trading.

Disney — The media giant’s share price sank more than 3% after it missed revenue and streaming subscriber estimates. Disney earnings of 79 cents per share, well above the 27 cents per share expected by Wall Street, according to Refinitiv. The company made $15.61 billion in revenue, missing an estimate of $15.87 billion. Disney missed on subscriber estimates for Disney+, coming in at 103.6 million paid subscribers. It was expected to post 109 million.

DoorDash – Shares of the food delivery company surged 24% after the firm boosted its outlook for 2021. DoorDash raised its annual forecast for order value to between $35 billion and $38 billion, up from a prior range of $30 billion to $33 billion. The company said that delivery drivers were in short supply, but consumer demand was stronger than expected.

Airbnb – Shares of the vacation rental company jumped 3% after the company reported better-than-expected quarterly revenue. The company reported first-quarter revenue of $887 million, topping a Refinitiv projection of $714 million. While Airbnb still reported a net loss for the quarter, it also showed year-over-year improvement in a key earnings metric. Wells Fargo upgraded the stock to overweight from equal weight following the earnings report.

Snowflake — The software company’s shares popped more than 8% after Goldman Sachs upgraded it to buy from neutral, saying the world was still in the “relatively early innings” of the shift to the cloud, giving Snowflake significant upside.

Churchill Downs — Shares of the casino and gaming company jumped more than 4% after Jefferies upgraded the stock to buy from hold. The firm said that Churchill Downs was poised for growth in multiple parts of its business and that the stock’s recent weakness was not tied to fundamentals.

Plantronics — Shares of the company formerly known as Plantronics, now known as Poly, swooned 18% in midday trading after the audio and video products maker blamed the semiconductor shortage for a weaker financial forecast. It sees adjusted first-quarter earnings of 35 cents to 55 cents a share on revenue of $410 million to $450 million, below what analysts had hoped.

Unity Software — The tech stock jumped more than 7% after Oppenheimer upgraded the stock to outperform from perform. The investment firm said in a note that Unity’s price was attractive after a sharp decline in recent months and that Apple’s new privacy policy would not be a long-term issue for Unity’s gaming business.

Fisker — Fisker shares popped nearly 5% to around $10.46 a share after it said it has signed agreements with Hon Hai Technology Group, also known as Foxconn, to develop a new breakthrough electric vehicle. Fisker said the new segment vehicle will be jointly developed and sold into international markets including North America, India and China.

Aurora Cannabis — Shares of the cannabis company dropped more than 5% after it reported lower-than-expected fiscal third quarter revenue, hit by pandemic-related restrictions in Canada.

— with reporting from CNBC’s Yun Li, Jesse Pound and Tom Franck.

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