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Stocks making the biggest moves midday: Rivian, Bumble, Disney, Alibaba and more

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November 11, 2021
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The New York Stock Exchange welcomes The Walt Disney Company (NYSE: DIS), today, Tuesday, May 4, 2021, in honor of Star Wars Day.

Source: NYSE

Check out the companies making headlines in midday trading.

Rivian Automotive — Shares of the newly public electric vehicle start-up soared 22% in its second day of trading. This follows the company’s market debut where it rallied 29%. The company already has a market valuation larger than Ford and General Motors.

Disney — Disney shares fell more than 6% after the media giant missed on the top and bottom lines of its quarterly results. Disney+ subscribers also came in short of estimates.

Beyond Meat — The alternative meat company whiffed on estimates for the third quarter, sending its stock down 13%. Investment firm Bernstein downgraded Beyond Meat to market perform after the quarterly report, saying there was too much uncertainty around demand for investors to buy the dip.

The Honest Company — The consumer goods stock rose 12% after The Honest Company’s third-quarter sales came in at $82.7 million, topping estimates of $80.8 million, according to Refinitiv. Growth in diapers and wipes was a key driver of the revenue beat.

Bumble — The dating app stock tumbled 20% after Bumble reported a net loss of $10.7 millionfor the third quarter. Analysts surveyed by Refinitiv expected the company to break even. Paid users also came in lower than estimates, according to StreetAccount.

AppLovin — The software stock jumped 18% after AppLovin reported third-quarter revenue of $727 million, beating estimates, according to FactSet. The company’s revenue was up 90% year over year, driven by growth in its business software platform.

Affirm – “Buy now, pay later” darling Affirm’s shares rallied almost 12% after the company announced an expansion of its partnership with Amazon and reported a quarterly revenue beat, recording $269.4 million versus estimates of $248.2 million. Affirm also reported a quarterly per-share earnings loss, according to Refinitiv.

SoFi – The fintech stock popped more than 18% as investors cheered a stronger-than-expected quarterly report. SoFi reported a loss of 5 cents per share in the third quarter, beating a Refinitiv forecast for a loss of 14 cents per share. The stock has rallied more than 90% since its IPO.

Marqeta – Shares of Marqeta, the card-issuing platform behind “buy now, pay later” brands like Affirm and Klarna, rose 0.5% after reporting stronger-than-expected quarterly results and a 60% increase in processing volume from the previous year.

Tapestry — The apparel stock rose 8.4% after a stronger-than-expected report for the company’s fiscal first quarter. Tapestry reported adjusted earnings of 82 cents per share on $1.48 billion of revenue. Analysts were expecting 70 cents in earnings per share on $1.43 billion in revenue, according to StreetAccount. The company also raised its full-year guidance for earnings and revenue.

Silvergate Capital — Shares of the crypto bank rose about 11% after JPMorgan initiated coverage of Silvergate with an overweight rating. The investment firm praised Silvergate’s growth potential and balance sheet strength.

Nio — Shares of the Chinese electric vehicle company rose 5.8% after Citi raised its price target on the stock to a Street high. Citi said Nio should hold onto its dominant position in China even with rising competition.

Alibaba, JD.com — Chinese e-commerce stocks as investors monitored developments on Singles Day, a massive online shopping event. Shares of Alibaba rose more than 3%, while JD.com’s stock jumped more than 7%. JD.com reported record sales for Singles Day.

Organon & Co. — The pharmaceutical stock was one of the worst performers in the S&P 500 on Thursday, falling 6.4%. The company beat estimates on the top and bottom lines for its third quarter but did not raise forward guidance and announced an acquisition of drug developer Forendo for up to $945 million.

-CNBC’s Yun Li, Hannah Miao, Maggie Fitzgerald and Tanaya Macheel contributed to this story.

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