Stocks making the biggest moves in the afternoon: Lyft, Carvana, Warner Bros. Discovery, DraftKings

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Confetti falls as Lyft CEO Logan Green (C) and President John Zimmer (LEFT C) ring the Nasdaq opening bell in honor of the company’s IPO on March 29, 2019 in Los Angeles, California. Shares of the ride-hailing app company were initially priced at $72.

Mario Tama / Getty Images

Check out the companies making headlines during Friday afternoon trading.

Warner Bros. Discovery – The media company’s shares fell 16.5% after Warner Brothers released its first earnings report since the merger. Warner Bros. Discovery also said it plans to combine streaming services HBO Max and Discovery+.

Lyft – Lyft was up 16.6% after sharing an unexpected gain for the recent quarter. Sales fell in line with estimates.

Beyond Meat – The plant-based meat maker’s stock rose 21.9% even after the company shared results for the recent quarter that missed both the top and bottom lines. Beyond Meat also said it is cutting 4% of its workforce.

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Carvana – Shares of the online used car seller rose 40.1% Friday as the company said it would aggressively cut costs in preparation for an economic downturn.

Block – Shares of the Square owner lost more than 2% following a 34% drop in Cash App revenue in the previous quarter. That decline overshadowed a stronger-than-projected gain.

DraftKings – The sports betting company was up 9.8% after it reported better-than-expected earnings and adjusted earnings for the last quarter. DraftKings also raised its full-year revenue forecast, despite bleak macro outlook.

Paramount — Shares fell 4.2% after JP Morgan downgraded Paramount from neutral to underweight, citing greater macro challenges for the media company. Paramount reported strong second quarter results this week, but declining revenues and free cash flow numbers weighed on the results.

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DoorDash – Shares of the food delivery company traded 1.3% lower, abandoning previous gains as investors digested a quarterly report that showed a larger-than-expected loss per share. DoorDash lost 72 cents a share in the second quarter, ahead of a 41 cent loss analysts had expected, Refinitiv said. However, turnover exceeded expectations.

AMC Entertainment – The theater chain rose 18.9% after announcing late Thursday that it planned to issue a dividend in the form of preferred stock, under the symbol “APE.” The move came after investors rejected the company’s efforts to issue additional shares as a means of raising money last year.

Sunrun — Shares rose 4.5% after Barclays began covering the residential solar installation company with an overweight rating. The investment firm said Sunrun’s shares could rise on the back of an ambitious clean energy bill that could “start a long subsidized growth cycle” if passed. Sunrun also reported gains this week that exceeded analyst expectations, according to FactSet.

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Virgin Galactic – Shares plunged 17.5% after the company said it was delaying the commercial launch of space flights until the second quarter of 2023. Truist downgraded Virgin Galactic’s stock to a sell rating as the company cashed in and slowed continue to use flights.

Twilio – Twilio’s stock plunged 13.5% despite a revenue decline after the communications software company shared weak guidance for the current period. Following the report, Stifel downgraded the technology company’s shares from a buy to a hold and halved the price target for the stock.

iRobot — Shares of iRobot shot up more than 19.1% after Amazon announced its intention to buy the robot vacuum cleaner for $1.7 billion, or $61 a share.

— Sarah Min, Tanaya Macheel, Yun Li and Michelle TUSEN of TUSEN reported.

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