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Check out the companies making headlines in midday trading.
Lyft — The ridesharing stock cratered 36% after issuing disappointing guidance for its first quarter. Lyft also got hit by a slew of downgrades from analysts who said Uber may look better positioned to capitalize on the broader recovery in ridesharing. Uber shares were also down about 4%.
Spotify — Shares of the music streamer jumped 3% after news that ValueAct has taken a stake in the company. Spotify recently reported fourth-quarter results that showed strong user growth.
Expedia — The travel company’s stock toppled nearly 8% after falling short of analysts’ revenue and earnings expectations for the recent quarter. Expedia posted adjusted earnings of $1.26 a share on revenues of $2.62 billion. Analysts called for earnings of $1.67 per share on $2.70 billion in revenue, according to Refinitiv.
Yelp — Yelp’s stock jumped 4% after fourth-quarter revenue beat analysts expectations, according to Refinitiv. The company posted earnings that were in line with estimates.
Affirm — The buy now, pay later stock shed more than 5% following a downgrade to equal weight from an overweight rating by Morgan Stanley. The Wall Street firm said that Affirm’s offerings appear too focused.
PayPal — PayPal shares traded about 1% higher after CEO Dan Schulman announced plans to retire from the online payments company by the end of the year.
VF Corp — Shares rose 2.6% after Stifel upgraded the apparel maker to a buy from a hold. Stifel said the company, which is the parent of brands including Vans and The North Face, was at an attractive stock price following a selloff on the back of a dividend cut.
FREYR Battery — Shares of the battery manufacturer climbed 1% after Bank of America initiated coverage of the stock with a buy rating. Bank of America said the startup’s battery cell design and ability to raise capital made it a strong candidate to grow into a larger company.
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