Stocks making the biggest moves midday: BuzzFeed, First Republic, Meta and more
BuzzFeed — Share of the internet media company lost about 10% on a weak first-quarter revenue outlook. Buzzfeed expects first-quarter revenue of $61-$67 million, compared to expectations of $83.6 million, according to FactSet. The company beat sales expectations in its fourth quarter results.
Meta Platforms — Meta shares gained 6% after CEO Mark Zuckerberg said Tuesday the social media company plans to cut 10,000 employees. The announcement comes just months after the tech giant announced layoffs off more than 11,000 employees in November.
United Airlines — Shares dropped about 5 after United forecast a first-quarter loss, citing weaker demand than other months, and higher fuel costs. The airline expects an adjusted quarterly loss of between 60 cents and $1 per share, against a previous forecast of adjusted earnings of 50 cents to $1 per share.
First Republic, PacWest Bancorp, Western Alliance Bancorp, Comerica — Regional banks rallied sharply Tuesday after being hit hard last Friday and Monday. Shares of San Francisco-based First Republic rose about 50%, while PacWest jumped more than 60% and Western Alliance Bancorp gained more than 40%. Comerica, KeyCorp and Zions Bancorp all climbed more than 10%. The moves came as several banks reported only modest depositor withdrawals and Ken Griffin's Citadel hedge fund took a large stake in Western Alliance following the failure of Silicon Valley Bank.
Charles Schwab Corp., Morgan Stanley, Wells Fargo — Shares of larger financials were in the green on Tuesday as the entire sector attempted to rebound from the past week's losses. Charles Schwab jumped 9%, Morgan Stanley rose 3% and Wells Fargo gained almost 5%. Deutsche Bank earlier reiterated Charles Schwab as a buy, saying liquidity risks are overblown.
Match Group — Match gained 6.1% following an upgrade to overweight from equal weight at Barclays, noting the dating platform owner has become a value stock in recent years.
Cvent Holding Corp. — The software company rose more than 12% after Blackstone agreed to buy it for $8.50 a share in a deal valued at about $4.7 billion. The transaction is expected to close in the middle of this year.
GitLab — The project planning software maker plunged 27% after issuing a softer-than-expected outlook. Gitlab sees revenue in the year ending Jan. 2024 of $529 million to $533 million, lower than a Refinitiv forecast of $586.4 million. The company reported a beat on the top and bottom lines in its fiscal fourth quarter just ended results.
Uber, Lyft, DoorDash — Uber and delivery company Doordash rose more than 5% each, while Uber's ride-sharing peer Lyft rose about 3% after a California appeals court overturned a previous ruling and said the companies can continue to treat drivers as independent contractors.
— CNBC's Alex Harring, Jesse Pound, Tanaya Macheel, and Michelle Fox Theobald contributed reporting