A sign of Meta, the new name for the company formerly known as Facebook, is seen at its headquarters in Menlo Park, California, October 28, 2021.
Carlos Barria | Reuters
Check out the companies making headlines in midday trading Friday.
Meta Platforms — Shares of the Facebook parent fell 3.8% after Russia restricted access to Instagram and opened a criminal investigation on Meta, after the company changed its hate speech rules to allow violent threats against Russia and its military for its invasion of Ukraine. Additionally, regulators in the EU and U.K. opened antitrust probes into Meta over its 2018 “Jedi Blue” ad deal.
Rivian Automotive — Rivian’s stock price tumbled 7.5%, after the electric vehicle maker reported an earnings miss for its fourth quarter and forecast modest vehicle production for 2022. Rivian is projecting only 25,000 car deliveries in fiscal year 2022.
DocuSign — Shares of the electronic signature company plummeted 20.1% after DocuSign issued disappointing revenue guidance for the full year. The company expected 2022 revenue to range between $2.47 billion and $2.48 billion, well below a StreetAccount forecast of $2.61 billion.
Blink Charging — The EV charging company lost 7.7% after reporting a wider-than-expected loss for the quarter. Still, Blink said that momentum continues to be strong as the business community and government agencies promote the benefits of strong EV infrastructure.
Oracle — Shares of Oracle rose 1.5% after the software company released its latest quarterly results. Oracle’s revenue of $10.51 billion matched a Refinitiv consensus estimate. The company earned an adjusted $1.13 per share, but it was unclear if that was comparable to a forecast of $1.18 per share.
Pearson — Shares of the education publisher jumped 17.7% after the company rejected an $8.5 billion offer from Apollo Global Management. The private equity affirm made two unsolicited approaches, Pearson said, with proposals that undervalued the company.
Deere — Shares of the machinery stock added 3% after Wells Fargo issued a price target of $455 on the stock, implying about 20% upside. The firm said Deere is setting itself apart from its competitors by embracing advances in technology.
DiDi Global — The ride-hailing company saw its shares fall 44% following a Bloomberg report that it’s suspending plans to list its shares in Hong Kong. Didi failed to meet Chinese regulators’ demands related to how it handles sensitive user data, according to the report.
Zumiez — The apparel maker’s shares dropped 6.9% after the company reported quarterly results that fell short of analysts’ expectations. Zumiez also issued guidance for the current quarter that also missed estimates.
— CNBC’s Samantha Subin and Sarah Min contributed reporting
Source: https://www.cnbc.com/2022/03/11/stocks-making-the-biggest-moves-midday-meta-rivian-oracle-docusign-and-more.html