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Check out the companies making headlines in afternoon trading. Affirm – Shares of Affirm rose 17% a day after the fintech company reported first-quarter revenue that beat expectations. Affirm posted revenue of $496.5 million, above the consensus estimate of $444.5 million, according to FactSet. Virgin Galactic Holdings – Shares rose more than 20% in a day after the company announced its cost-cutting initiative, which includes ending space flights next year. The company also laid off about 18% of its workforce. Shares are down nearly 42% year to date. Duolingo — Shares of Duolingo rose 17% a day after the education technology company raised its full-year forecast. Duolingo estimates 2023 revenue will reach $525 million to $528 million, compared to previous expectations of $510 million to $516 million. The company also raised its bookings outlook for the year. TransDigm Group – Aerospace and defense company TransDigm Group rose about 9% on Thursday. The company posted fourth-quarter profit and revenue that exceeded expectations. It posted adjusted earnings per share of $8.03, above the consensus estimate of $7.55, according to FactSet. It posted revenue of $1.85 billion, slightly higher than the expected $1.84 billion. Disney – Shares of Disney rose 7% in afternoon trading. The media conglomerate expanded its cost-cutting measures by $2 billion and reported stronger-than-expected adjusted earnings for the fiscal fourth quarter. However, turnover lagged behind expectations. Valaris – Shares of the offshore drilling company rose 3.6% after Barclays upgraded the shares from equal weight to overweight. The upgrade came on the back of the company’s third-quarter results earlier this week. Arm Holdings – Arm shares fell 6% in afternoon trading. On Wednesday, the semiconductor technology company said adjusted earnings for its fiscal third quarter would be between 21 cents and 28 cents per share, while analysts polled by FactSet called for 27 cents per share. Becton, Dickinson and Company – Shares fell more than 8% after Becton, Dickinson and Company reported disappointing quarterly results. The medical technology company posted adjusted earnings of $3.42 per share, lower than the $3.43 per share expected by analysts polled by LSEG, formerly Refinitiv. Revenue was $5.09 billion, above the estimate of $5.02 billion. Krispy Kreme – The stock fell about 7% in afternoon trading after the donut maker missed analysts’ expectations in the third quarter. Krispy Kreme reported adjusted earnings of 3 cents per share on revenue of $407 million, lower than the 6 cents per share on $414 million forecast by analysts surveyed by LSEG. AMC Entertainment — Shares of AMC Entertainment fell 12% after the company said it planned to sell more shares, worth up to $350 million. Amylyx Pharmaceuticals — Biopharma stocks plunged 30% following a worse-than-expected earnings report. Amylyx posted third-quarter profit of 30 cents per share and revenue of $102.7 million, while analysts polled by FactSet expected profit and revenue of 44 cents per share of $113.7 million. — CNBC’s Lisa Han, Alex Harring and Hakyung Kim contributed reporting.
