Stocks Making the Biggest Moves Midday: Peloton, Under Armour, Monster Beverage and More

Shannon Stapleton | Reuters

Check out the companies making headlines in midday trading Friday.

Peloton — Shares of Peloton dropped 7.7% after The Wall Street Journal reported the at-home fitness company is looking for potential investors to take a minority stake in it in the realm of 15% to 20%. The company has struggled with post-pandemic demand on top of brand issues, supply chain challenges and a change in CEO. It will report quarterly results next week.

Monster Beverage — Shares rose 4.4% after Monster Beverage's first-quarter revenue beat Wall Street estimates. Monster reported revenue of $1.52 billion versus $1.43 billion expected, according to StreetAccount. First-quarter earnings per share came in slightly weaker than expected.

Cigna — Shares jumped 5.9% after the insurance company's quarterly earnings beat expectations. Cigna reported earnings of $6.01 per share, compared with a $5.18 forecasted by analysts surveyed by Refinitiv. The insurance company reported revenue of $44.1 billion, compared to consensus estimates of $43.4 billion. Cigna reported growth in its pharmacy benefits management business.

NRG Energy — Shares jumped 9.8% after the company released its latest quarterly figures. NRG Energy reported a quarterly profit of $7.17 per share on revenue of $7.9 billion. However, it wasn't clear if those numbers were comparable with FactSet estimates.

Under Armour — Shares of the sneaker and apparel company fell 25.9% after Under Armour reported an unexpected loss and shared revenue that fell below analyst estimates, as it attempts to overcome global supply chain problems. Under Armour also issued a disappointing outlook for 2023 fiscal year.

Illumina — Shares plunged 14.6% despite the biotechnology company reporting better-than-expected results for the previous quarter. Illumina reported a quarterly profit of $1.07 per share on revenues of $1.223 billion. Analysts polled by StreetAccount were expecting earnings of 90 cents per share on revenues of $1.219 billion.

News Corporation — The media company's stock tumbled 13.7% following the release of quarterly results that were mostly in line with expectations. News Corporation reported a quarterly profit of 16 cents per share on revenues of $2.5 billion. Analysts were expecting earnings of 15 cents per share on revenues of $2.5 billion, according to consensus estimates from StreetAccount.

DraftKings — Shares dropped 8.9%, giving back a gain from earlier in the day. DraftKings reported a loss of $1.10 per share on revenues of $417 million. Analysts surveyed by Refinitiv were expecting a loss of $1.15 per share on revenues of $412 million. DraftKings also raised its full-year revenue guidance in its quarterly report.

— CNBC's Tanaya Macheel, Hannah Miao and Samantha Subin contributed reporting.

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