Check out the companies making headlines in midday trading. Warner Bros. Discovery — Shares dropped 10% after the media conglomerate posted disappointing fourth-quarter results and failed to give 2024 free cash flow guidance. Warner Bros. Discovery reported a loss of 16 cents per share on revenue of $10.28 billion. Analysts polled by LSEG had expected a per-share loss of 7 cents on revenue of $10.35 billion. Block — Block shares surged nearly 18% after the payments company reported a surprise quarterly profit and offered up strong guidance on earnings before interest, taxes, depreciation and amortization for the first quarter and full year. DraftKings — The sports betting stock popped 4% following an upgrade to overweight from equal weight by Barclays. The firm said the stock was at an attractive entry point following a recent pullback. Rivian — The electric-vehicle stock sank 8% and hit a 52-week low, a day after tumbling nearly 26%. Rivian issued a 2024 production forecast on Thursday that came below estimates and reported a wider-than-expected fourth-quarter loss of $1.36 per share. On Friday, UBS downgraded shares to sell from buy and slashed its price target to $8 from $24. Bloomin’ Brands — The restaurant company rose more than 4% after reporting a beat on adjusted earnings per share in the fourth quarter, per FactSet. Restaurant margins also were better-than-expected. Booking Holdings — The stock declined 9.4% after the online travel booking company issued weaker-than-expected gross booking and EBITDA guidance for the first quarter, overshadowing better-than-expected quarterly results. Nio — The U.S.-traded shares of the Chinese EV company fell 7% following a downgrade from JPMorgan . The investment firm said that Nio could see its sales volume grow more slowly than expected, citing the lack of new models as a concern. Live Nation Entertainment — Shares of the entertainment platform added about 3% after Live Nation reported a…
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