Take a look at the companies making headlines in midday trading. Charter Communications and Liberty Broadband — Cable operator Charter Communications agreed to acquire Liberty Broadband in an all-stock deal. Charter shares rose 5.6%, while Liberty Broadband fell 3%. Cava Group — The Mediterranean-style food chain reported stronger-than-expected third-quarter results, sending its shares up 7%. Cava’s earnings of 15 cents per share beat analysts’ consensus estimate of 11 cents polled by LSEG, while its revenue of $244 million topped estimates of $234 million. Rocket Lab — Shares of the space infrastructure company soared 35% after the company reported third-quarter revenue of $104.8 million, beating analysts’ expectations and up 55% from the same period last year. The company also announced the first customer for its Neutron vehicles and forecast fourth-quarter revenue above analysts’ forecasts. Maplebear — Instacart shares fell 12% after its parent company issued fourth-quarter adjusted earnings before interest, taxes, depreciation and amortization guidance that fell short of Wall Street expectations, according to FactSet. On the other hand, Maplebear’s third-quarter revenue and profit exceeded analysts’ expectations. Skyworks Solutions — Semiconductor shares fell 4% after Skyworks Solutions reported weaker-than-expected first-quarter guidance. The company expects revenue in the period of $1.05 billion to $1.08 billion, while analysts polled by FactSet expected revenue of $1.09 billion. Flutter Entertainment — The online gambling company reported a stronger-than-expected third-quarter report, sending shares up 6%. Flutter reported adjusted earnings of 43 cents per share on revenue of $3.25 billion. Analysts polled by LSEG expected earnings of 10 cents per share on revenue of $3.07 billion. Flutter said revenue from its U.S. subsidiaries, including Fanduel, increased 51% year-over-year. Spotify Technology — Shares of Spotify rose 11% after the music streaming platform forecast a fourth-quarter profit that beat analysts’ expectations. FactSet data shows that the company’s monthly active users also performed strongly in the third quarter, totaling about 640 million, an increase of 11% from the same period last year and higher than analysts’ forecast of 639 million. However, Spotify’s third-quarter profit and revenue fell short of expectations. Rivian Automotive — The automaker announced a $5.8 billion joint venture with Volkswagen Group. The first Volkswagen models using Rivian software and electrical architecture may be available as early as 2027. The company’s shares rose about 18%. 1% The drugmaker said it found no link between use of MariTide, its experimental weight-loss injection, and changes in bone mineral density. Amgen fell 7% in the previous session after analysts cited additional data from an early-stage trial showing that the highest dose of MariTide was associated with reduced bone mineral density. SoundHound AI — Speech recognition stock plunged about 17%. SoundHound issued 2024 revenue guidance of $82 million to $85 million, while analysts polled by FactSet were seeking $82.6 million. The company reported an adjusted loss of 4 cents per share in the third quarter, compared with Wall Street expectations of a loss of 7 cents per share. Spirit Airlines – Shares of the budget airline plunged 57% after The Wall Street Journal reported that it could file for bankruptcy within weeks after merger talks with rival Frontier Group Holdings failed. —CNBC’s Sarah Min, Alex Harring, Samantha Subin, Jesse Pound, Yun Li, Lisa Kailai Han and Michelle Fox contributed reporting.
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