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Here are some of the companies making the biggest moves in afternoon trading. Datadog — Cloud stock rose nearly 30% after the company reported third-quarter earnings and revenue declines before the bell. Adjusted earnings per share came in at 45 cents, versus the 34 cents expected by analysts polled by StreetAccount. Revenue was $547.5 million, above expectations of $524.7 million. Datadog’s expectations for both earnings per share and revenue for the fourth quarter and full year also exceeded expectations. Re/Max – The brokerage firm’s shares tumbled 9.8% after being downgraded to equal-weight underweight by Morgan Stanley. On Monday, the company warned that Re/Max could face increased risk of lawsuits and expensive settlements after a jury found the National Association of Realtors and several major residential brokers liable for $1.78 billion in damages for conspiring to inflate commissions to hold. Re/Max had settled the lawsuit for $55 million prior to trial. Planet Fitness – Shares rose 12.4% after the gym chain beat expectations for both third-quarter earnings and revenue. Planet Fitness also raised its guidance for the year, expecting earnings per share growth of 35% year-over-year. Analysts polled by StreetAccount had estimated earnings growth of 32.4%. Vibrant Seating — The online ticket market increased 6.2%. Vivid Seats beat analyst expectations for third-quarter revenue while also providing strong guidance on the metric for 2023 and 2024. The company also confirmed it would acquire Vegas.com in a $240 million deal. Tripadvisor – Shares of the travel website operator rose 9.5% after the company beat third-quarter profit and revenue expectations. Tripadvisor posted adjusted earnings of 52 cents per share on revenue of $533 million. Analysts had expected earnings of 47 cents per share on revenue of $505 million, according to LSEG, formerly known as Refinitiv. BioMarin Pharmaceutical – Shares rose 12% after Reuters reported that activist investor Elliott Investment Management had built a stake in the drug company, citing two people familiar with the matter. The hedge fund has been talking to BioMarin Pharmaceutical about its future for months, according to Reuters. Sanmina – Shares fell almost 14% after the electronics manufacturer missed profits and sales and offered a weak outlook. Sanmina expects first-quarter revenue between $1.85 billion and $1.95 billion, well below analyst expectations of $2.19 billion, per StreetAccount. Hims & Hers Health — Telehealth shares rose 15% after the company posted third-quarter revenue that exceeded Wall Street expectations. Hims & Hers Health also raised its full-year guidance and announced a $50 million share repurchase program. DigitalOcean — Shares of the cloud computing platform rose 13.6% after Goldman Sachs upgraded the stock from buy to sell, saying the stock’s significant underperformance has created an attractive entry point for investors. The company said it sees a path to organic reacceleration over the coming year, modeling 11% annualized growth for the business in 2024. Air Products and Chemicals – Shares of the industrial gases company fell 11% after fourth-quarter sales missed expectations. Air Products reported revenue of $3.19 billion, according to StreetAccount, less than the $3.35 billion analysts expected. Sales fell 11% year over year. DR Horton – Shares of the homebuilder rose nearly 3% after fourth-quarter earnings per share of $4.45 exceeded the $3.93 expected by analysts, per LSEG. Sales also exceeded expectations. GlobalFoundries – Semiconductor stock rose 7% after the company reported a decline in third-quarter earnings. Turnover was in line with expectations. Fourth-quarter earnings expectations were also stronger than expected, but revenue estimates were weaker than expected. UBS – Shares of UBS rose nearly 2% after the Swiss banking giant posted third-quarter underlying operating profit before tax of $844 million, beating consensus estimates as it integrates rival Credit Suisse. – CNBC’s Pia Singh, Tanaya Macheel, Sarah Min, Alex Harring and Jesse Pound contributed reporting.
