Stocks making the biggest moves midday: Lyft, Carvana, Warner Bros. Discovery, DraftKings

cnbc.com:

In this article

Check out the companies making headlines in midday trading Friday.

Warner Bros. Discovery — The media company's stock cratered 15.8% after Warner Brothers posted its first earnings report since its merger. Warner Bros. Discovery also said it plans to combine its HBO Max and Discovery+ streaming services.

Lyft — Lyft soared 14.2% after sharing an unexpected profit for the recent quarter. Revenue fell in-line with estimates.

Beyond Meat — The plant-based meat maker's stock soared 22.7% even after the company shared results for the recent quarter that missed on the top and bottom lines. Beyond Meat also said its cutting 4% of its workforce.

Carvana — Shares of the online used-car seller soared 32.5% on Friday as the company said it would aggressively cut costs in preparation for an economic downturn.

Block – Shares of the Square owner lost more than 2% on the back of a 34% drop in Cash App revenues in the previous quarter. That drop overshadowed a stronger-than-forecast profit.

DraftKings – The sports betting company jumped 11% after it reported better-than expected-revenue and adjusted earnings for its latest quarter. DraftKings also raised its full-year revenue forecast despite a gloomy macro outlook.

Paramount — Shares dropped 5% after JPMorgan downgraded Paramount to underweight from neutral, citing greater macro challenges ahead for the media company. Paramount reported strong second-quarter earnings this week, but falling income and free cash flow numbers weighed on results.

DoorDash — Shares of the food delivery company traded slightly lower, giving up earlier gains, as investors digested a quarterly report that showed a greater loss per share than anticipated. DoorDash lost 72 cents per share in the