Check out the companies making headlines in midday trading.
Disney — Shares of the media giant slid more than 11% after the company’s quarterly results missed Wall Street expectations on revenue and profit, as both its parks and media divisions underperformed estimates. Disney warned that strong streaming growth for its Disney+ platform may taper going forward. Chief Financial Officer Christine McCarthy tempered investor expectations for the new fiscal year, forecasting revenue growth of less than 10%.
Meta Platforms — The stock jumped 8% after the company announced it will lay off more than 11,000 employees. In a letter to the staff, CEO Mark Zuckerberg said he is “sharing some of the most difficult changes we’ve made in Meta’s history.” Analysts at UBS were encouraged by Meta’s announcement.
D.R. Horton — The homebuilder climbed more than 6% despite reporting weaker-than-expected results for the fourth quarter. The company earned $4.67 per share on $9.64 billion of revenue. Analysts surveyed by Refinitiv were expecting $5.09 per share on $9.97 billion of revenue. However, D.R. Horton’s unit net orders and backlog were higher than expected, and first-quarter guidance was roughly in-line with estimates, according to StreetAccount.
