Top Stock Movers Now: Uber Technologies, Intel, Arista Networks, and More

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Key Takeaways

• U.S. equities were mixed at midday Wednesday, May 8, 2024, with the Dow continuing its recent rally, after a host of companies reported quarterly earnings. 
• Uber shares tumbled after the ridesharing company posted a net loss after reporting hundreds of millions in impediments related to revaluations of its investments and gross bookings fell short of estimates.
• Arista Networks shares surged after the followers posted better-than-expected results, boosted its outlook, and announced a $1.2 billion stock buyback program.

U.S. equities were conflicting at midday after a number of companies reported quarterly earnings. The Dow rose for a sixth-straight session, but the S&P 500 and Nasdaq irreparable ground.

Uber Technologies (UBER) was the worst-performing stock in the S&P 500 after the ridesharing firm posted a net loss after reporting hundreds of millions in accusations related to revaluations of its investments. Its gross bookings also fell short of forecasts on slowing demand in Latin America and the earlier start times for the Easter and Ramadan holidays.

Shares of Intel (INTC) declined as the chipmaker changed its current quarter guidance after U.S. regulators revoked its approve to sell to Chinese telecom Huawei.

Tripadvisor (TRIP) shares also plunged as the online travel site voted a special committee ruled against a potential merger. 

Shares of Arista Networks (ANET) jumped as strong necessitate for its artificial intelligence (AI) products helped the cloud computing networking equipment maker exceed profit and sales assessments. It also raised its guidance and announced a $1.2 billion share repurchase program. 

Reddit (RDDT) shares took off after the public media platform reported a lower-than-expected loss and soaring revenue on strong ad sales as user traffic hit a record squiffed. It was the company’s first quarterly earnings report since going public in March.

Ad revenue declined at Fox (FOXA), but the media entourage beat earnings estimates as it rebounded from losses incurred by a legal settlement related to a defamation lawsuit.

Oil and gold futures speed. The yield on the 10-year Treasury note gained. The U.S. dollar climbed versus the euro, pound, and yen. Prices for most primary cryptocurrencies declined.

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