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Check out the companies making headlines in afternoon trading. Warner Bros. Discovery – Shares fell 9.9% after the media group posted disappointing fourth-quarter results and failed to provide free cash flow guidance for 2024. Warner Bros. Discovery reported a loss of 16 cents per share on revenue of $10.28 billion. Analysts at LSEG, formerly known as Refinitiv, had expected a loss of 7 cents a share on revenue of $10.35 billion. Block – Block shares rose more than 16% after the payments company reported a surprise quarterly profit and offered strong guidance on earnings before interest, taxes, depreciation and amortization for the first quarter and full year. DraftKings – Sports betting stocks rose 1% after Barclays upgraded them from equal weight to overweight. The firm said the stock was at an attractive entry point after recent declines. Rivian – The electric vehicle stock sank 12% to a 52-week low, a day after falling nearly 26%. Rivian on Thursday issued a 2024 production forecast that fell short of estimates and reported a larger-than-expected fourth-quarter loss of $1.36 per share. On Friday, UBS downgraded the shares from buy to sell and cut its price target to $8 from $24. Bloomin’ Brands – The restaurant company rose nearly 3% after reporting a decline in adjusted earnings per share in the fourth quarter, according to FactSet. Restaurant margins were also better than expected. Booking Holdings – The stock fell 10.1% after the online travel booking company issued lower-than-expected gross bookings and EBITDA guidance for the first quarter, which overshadowed better-than-expected quarterly results. Nio – US-traded shares of the Chinese EV company fell 7.7% after being downgraded by JPMorgan. The investment firm cited the lack of new models as a concern, saying Nio’s sales volume may grow slower than expected. Live Nation Entertainment – Shares of the entertainment platform rose about 2% after Live Nation reported fourth-quarter revenue of $5.84 billion, more than the $4.79 billion expected by analysts surveyed by LSEG. Carvana – Shares of the used car market surged 32.1% after the struggling company reported its first annual profit. Carvana guided first-quarter adjusted EBITDA to be “well above” $100 million. Following the results, William Blair upgraded Carvana to Outperform from Market Perform, and Raymond James upgraded it to Market Perform from Underperform. MercadoLibre – Shares fell nearly 10% after the e-commerce platform reported flat year-over-year earnings in the fourth quarter. Operating income also missed estimates. Penumbra – The stock fell 9.3%. JPMorgan downgraded the medical device company from overweight to neutral, noting that “Penumbra will remain in the penalty box until it proves to investors that it is able to guide those levels “Whom it can continually defeat and elevate.” Nextdoor Holdings – Shares jumped more than 16% after the company reported stronger-than-expected fourth-quarter revenue. Nextdoor also announced a $150 million increase in its share repurchase program. Co-founder Nirav Tolia will also return as CEO. Insulate – Shares fell 6.5% after the company reported a disappointing revenue forecast for the first quarter. Insulet estimates revenue will grow 17% to 20% annually, while analysts surveyed by FactSet called for 24.3%. EOG Resources – The oil company fell 3.9% after issuing weak guidance for the current quarter and full year. EOG reported growth in top-line earnings and revenue in the fourth quarter. — CNBC’s Alex Haring, Samantha Subin, Brian Evans, Lisa Kailai Han, Jesse Pound, Michelle Fox and Sarah Min contributed reporting.
