Stocks making the biggest moves after hours: PayPal, Airbnb, Match Group, Caesars, and more.
Bulls and bears are battling over whether the bottom is in for stocks, but an aggressively tightening Federal Reserve means a bumpy ride for investors is likely far from over. Market expectations are for the Fed to deliver a 75 basis point interest rate increase on Wednesday, matching the increase seen in June, which was the largest since 2002.
Former Richmond Fed President Jeffrey Lacker on Friday said policymakers would need to keep raising interest rates even if there is a recession. “To let your foot up off the brake before inflation has come down” is just a “recipe for another recession down the road,” Lacker said, in an interview on Bloomberg Television.
Nevertheless, stocks such as PayPal, Airbnb, Match Group, Caesars, and more are making the biggest moves after hours.
Match Group — Shares of the dating app operator tumbled as much as 23% after the company reported revenue of $795 million for the second quarter, compared with FactSet estimates of $803.9 million. Match also issued weak guidance around adjusted operating income and revenue for the current quarter.
Solaredge Technologies – The solar-power stocks tanked nearly 13% in after-hours trading following disappointing quarterly results. Solaredge reported an EPS of 95 cents, below analysts’ expectation of 88 cents per share, according to FactSet. Revenue also came in shy of estimates.
PayPal — The payments giant’s shares soared 11% after hours following stronger-than-expected second-quarter results and an increase in its forecast. PayPal also revealed it has entered into an information-sharing agreement with Elliott Management.
SoFi — Shares climbed more than 7% after the personal finance company reported a beat on the top and bottom lines. “While the political, fiscal, and economic landscapes continue to shift around us, we have maintained strong and consistent momentum in our business,” SoFi CEO Anthony Noto said in a statement.
Airbnb — Shares of Airbnb fell about 10% in extended trading after the vacation home rental company posted weaker-than-expected revenue for the second quarter. The company also reported more than 103 million booked nights and experiences, the largest quarterly number ever for the company but short of StreetAccount estimates of 106.4 million.
Advanced Micro Devices — AMD’s shares fell nearly 5% despite reporting strong quarterly earnings and revenue after the chipmaker issued a weaker-than-anticipated third-quarter forecast. The chipmaker said it expected $6.7 billion in revenue during the current quarter, plus or minus $200 million. Analysts expected $6.83 billion.
Caesars Entertainment — The casino company lost about 2% after it reported a quarterly loss of 57 cents per share, which was 74 cents lower than analysts had expected. It also reported a Caesars Digital loss of $69 million, compared with $2 million for the comparable prior-year period.
Robinhood — Robinhood slid about 2% after reporting it will cut its headcount by some 23%, after previously laying off 9% in April, and posting a decline in monthly active users and assets under custody for the second quarter. The investing app operator released its results a day ahead of schedule.
Starbucks — Stocks of the coffee chain saw shares edge higher by more than 2% after it reported better-than-expected quarterly results, despite lockdowns in China weighing on its performance. Within the U.S., however, net sales rose 9% to $8.15 billion and same-store sales grew 3%.
Disappointing results from social-media platform Snap Inc. SNAP, +3.46% trimmed a weekly rise in stocks on Friday, but the benchmark indexes still saw healthy gains. The S&P 500 SPX, -0.67% rose 2.6% in the past week to end near 3,962 after pushing above the 4,000 thresholds early Friday for the first time since June 9. The Dow Jones Industrial Average DJIA, -1.23% logged a weekly gain of 2%, while the Nasdaq Composite COMP, -0.16% advanced 3.3%.