Virgin Galactic, Robinhood, Yelp, Novavax and more
Billionaire entrepreneur Richard Branson prepares to vaporize champagne after flying with a crew in the Virgin Galactic VSS Unity passenger rocket plane to the edge of space at Spaceport America near Truth or Consequences, N.B. Mexico, United States, July 11, 2021.
Joe Skipper | Reuters
Find out which companies are making the midday headlines.
Robinhood – Robinhood shares rose more than 9% after the company reiterated it was not selling any additional shares. On Thursday, the company revealed that existing shareholders would sell up to 97.9 million shares over time. The trading app also clarified on Friday morning that these sales would not start right away, easing concerns about an immediate increase in the supply of stocks that could weigh on stocks.
Yelp – The action of the operator of the online review site jumped more than 7% after releasing its quarterly results Thursday night of 5 cents per share, beating expectations of a loss of 9 cents per share. The company also exceeded revenue estimates and raised its guidance for the full year, citing continued strength in advertising revenue.
Virgin Galactic – Shares of Virgin Galactic jumped more than 7% after the space tourism company’s second quarter results. Virgin Galactic has announced that it will reopen ticket sales with seats starting at $ 450,000, while further delaying the start of commercial service. Wall Street had mixed opinions on the news.
Dropbox – Shares of the cloud storage company rose more than 3% after profits. Dropbox topped revenue and revenue estimates in the second quarter, gaining 40 cents per share excluding items on revenue of $ 531 million. Analysts polled by Refinitiv expected the company to earn 33 cents a share on $ 524 million in revenue.
DraftKings – The sports betting company saw its shares rise 1.9% following a stronger-than-expected quarterly report. DraftKings announced quarterly earnings and revenue above analysts’ estimates and increased its revenue guidance for the full year of 2021.
Novavax – The drugmaker’s shares plunged more than 19% after the company said it would delay the emergency use authorization application for its Covid-19 vaccine until the fourth quarter. Novavax also recorded a larger loss than expected and revenues below Wall Street’s expectations.
Didi Global – The Chinese rideshare company rose about 0.5% after Bloomberg News reported that the company was considering relinquishing control over its most valuable data to help resolve a regulatory investigation by the Chinese government. Chinese regulators have launched a cybersecurity review and forced Didi to stop registering new users in the process.
Carvana – Shares of Carvana edged up over 1% after the online used car retailer posted unexpected profit for its most recent quarter. This was the company’s first profitable quarter. Carvana has also seen better-than-expected earnings, as auto sales have seen a boom in demand since the pandemic began last year.
– CNBC’s Maggie Fitzgerald, Hannah Miao, Pippa Stevens and Tanaya Macheel contributed reporting.
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