Check out the companies making headlines midday Wednesday:
Wendy’s- The fast food chain closed up almost 4% after reporting better-than-expected earnings before the bell. Wendy’s reported an adjusted quarterly profit of 14 cents per share, beating analysts’ estimates by 3 cents. Total revenue rose 7.4% to $408.6 million, topping estimates of $399.8 million.
Lyft- The ride-sharing company’s stock closed down more than 10% after it reported a big loss in its first ever earnings report a day earlier. Despite the loss, Wall Street analysts were optimistic, with Credit Suisse calling the results a “good first step.” Lyft’s revenue was $776 million, compared to analysts’ forecast of $739 million.
Diamondback- The energy company closed up more than 7% following the release of strong first-quarter earnings. The oil and gas driller is on pace for its best day since November 2016. The company also announced a $2 billion share repurchase program.
Match Group- Tinder parent company’s stock closed up 12% after beating on revenue and profit in its first-quarter report a day earlier. Match reported earnings per share of 42 cents on revenue of $465 million. Analysts forecast earnings per share of 32 cents on revenue of $464 million per Refinitiv.
Qorvo- The maker of radio frequency components closed up 3% after reporting adjusted quarterly profit of $1.22 per share, beating the Refinitiv estimate of $1.05 a share. Qorvo also posted revenue that beat estimates and gave a positive current-quarter outlook.
Lending Club- Shares of Lending Club closed up 12% after Wedbush upgraded the lending company’s stock to “outperform” from “neutral.” Wedbush also increased its price target for the stock to $5 from $3.75, after the company reported strong first-quarter earnings Tuesday after the bell.
Mosaic- Shares of Mosaic closed up almost 3% after J.P. Morgan upgraded the fertilizer producer’s stock to “overweight” from “neutral.” The upgrade comes a day after the company posted better-than-expected earnings and revenue for the first-quarter of the year, despite increased costs due to poor weather.
TripAdvisor- The travel website’s stock closed down 11% after missing on revenue in its first-quarter results on Tuesday. TripAdvisor reported revenue of $376 million, compared to Wall Street estimates of $387 million, according to Refinitiv.
U.S. Steel- The steelmaker closed down more than 5% after UBS downgraded the stock to “sell” from “neutral.” UBS said it estimates near-term capital investment will not reverse market share losses in the coming years for the company.
