Stocks making the biggest moves midday: Peloton, Under Armour, Monster Beverage and more

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A Peloton exercise bike is seen after the ringing of the opening bell for the company’s IPO at the Nasdaq Market site in New York City, New York, U.S., September 26, 2019.
Shannon Stapleton | Reuters

Check out the companies making headlines in midday trading Friday.

Peloton — Shares of Peloton dropped more than 6% 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% 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 more than 4% 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 more than 5% 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 21.2% 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 13% 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 12% 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 more than 5%, 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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