Check out the companies making headlines in midday trading. Beyond Meat – Shares of the plant-based meat company rose more than 30% after its revenue increased. Beyond Meat reported fourth-quarter revenue of $73.7 million, versus consensus estimates of $66.7 million, per LSEG, formerly known as Refinitiv. The company also said it will “sharply reduce costs” this year. Bumble – The dating app stock fell 15% after reporting fourth-quarter earnings that fell short of Wall Street expectations and posted an unexpected loss of 19 cents per share. Bumble also issued first-quarter EBITDA guidance that came in weaker than expected. The company announced plans to lay off 350 employees. Advanced Auto Parts – The auto parts retailer jumped nearly 3% after sharing upbeat full-year guidance. Advance Auto Parts expects earnings per share to range between $3.75 and $4.25 for 2024, higher than the $3.65 expected by analysts surveyed by FactSet. As for the most recent quarter, the company matched revenue estimates but posted an unexpected loss. eBay – Shares rose 8% after the online marketplace said it would raise its dividend by 2 cents. It also announced an additional share buyback worth $2 billion. Baidu – Shares of the US-listed Chinese internet company fell 8% after Baidu reported fourth-quarter adjusted EBITDA and revenue that beat analysts' estimates, according to FactSet. First Solar – Shares rose 3% after the solar panel manufacturer reported a fourth-quarter earnings beat. First Solar reported earnings of $3.25 per share, higher than the $3.13 per share expected by analysts surveyed by LSEG. Lemonade – The insurance stock fell more than 27% a day after Lemonade delivered disappointing guidance for the first quarter and full year. On the other hand, the company posted a smaller-than-expected loss and beat fourth-quarter revenue, according to LSEG. Revolve – The fashion retailer's stock jumped 22% after beating analysts' expectations for the fourth quarter. The company said it earned 5 cents per share on a GAAP basis on revenue of $257.8 million. Analysts surveyed by FactSet expected earnings of 2 cents per share and revenue of $246.2 million. Applied Materials – Shares fell 2.6%. The chipmaker revealed in a regulatory filing that it had received subpoenas from the U.S. Securities and Exchange Commission and the U.S. Attorney's Office for the District of Massachusetts, requesting information about the company's shipments to China customers and about certain federal award applications. Applied Materials said it is cooperating fully. Viatris – The drugmaker fell 7% after reporting fourth-quarter revenue and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) that disappointed analysts' expectations. Viatris' revenue of $3.83 billion was less than the $3.89 billion expected by analysts surveyed by FactSet. Urban Outfitters – The clothing retailer fell 13% after missing its fourth-quarter earnings and revenue estimates. Urban Outfitters reported adjusted earnings of 69 cents per share on revenue of $1.49 billion, below the 74 cents per share on $1.5 billion expected by analysts surveyed by LSEG. Cryptocurrency Stocks – Cryptocurrency-adjacent stocks rose as Bitcoin surpassed more than $62,000 for the first time since November 2021. Coinbase and MicroStrategy rose respectively less than 1% and more than 10%. Axon Enterprise – Shares of the weapons maker rose 14% after reporting fourth-quarter earnings beat. Axon reported adjusted earnings of $1.12 per share on revenue of $432 million. This beat analysts' expectations of 85 cents per share on revenue of $420.7 million, according to FactSet. Boeing – Shares of the airline rose nearly 3% after the Federal Aviation Administration said it would give Boeing 90 days to develop a quality control plan. The announcement comes on the heels of an FAA audit of Boeing's production line, less than two months after a door panel exploded during an Alaska Airlines flight. Novavax – The vaccine maker fell 27% after Novavax missed Wall Street estimates for its fourth-quarter revenue and earnings. The company also announced its forecast for full-year 2024 sales to be flat or even lower than in 2023. Shares of Alphabet – Google's parent company – fell 2% after the technology company was hit with a $2.3 billion lawsuit from Google. 32 media groups. The media groups, which include Axel Springer and Shipstead, claimed they had suffered losses resulting from Google's digital advertising practices. UnitedHealth Group – Shares of the health insurance company fell nearly 3%. The Justice Department has opened an antitrust investigation into UnitedHealth, the Wall Street Journal reported Tuesday. — CNBC's Brian Evans, Michelle Fox, Alexander Haring, Pia Singh and Samantha Subin contributed reporting.
