Upstart rockets after earnings, Rivian climbs and Taser parent Axon slides. These are the stocks on the move

By Ciara Linnane

Electronic Arts, Affirm Holdings, Marqeta and IAC also active

Here are some of the biggest stock moves in premarket action on Wednesday:

Stock gainers:

Akamai Technologies Inc.'s stock (AKAM) rose 8% to lead S&P 500 gainers after the cloud computing company posted better-than-expected first-quarter earnings.

Syneos Health Inc.'s stock (SYNH) rallied 8.7% after agreeing to be taken private by an investor consortium in a $7.1 billion deal.

Upstart Inc. shares (UPST) soared 34% after the lending company delivered an upbeat outlook and signaled funding progress.

RingCentral Inc. shares (RNG) jumped 20% after the maker of cloud-base communications services posted a narrower quarterly loss and raised revenue and operating margin outlook for the year

Shares of IAC Inc.(IAC) climbed nearly 15% after the internet and media holding company posted sales of $1.08 billion, down 18% from a year ago but eclipsing analyst estimates of $1.06 billion.

Shares of Rivian Automotive Inc.(RIVN) rose 4% after the EV maker narrowed its quarterly loss and kept its production guidance intact.

CTI BioPharma Corp. (CTIC) stock soared 85% after Swedish Orphan Biovitrum AB said it had entered into an agreement to acquire the biotech in a deal valued at $1.7 billion. The offer represents a premium of 88.8% over CTI's Tuesday closing price of $4.82 per share.

Toast Inc. (TOST) shares rose 7% after the restaurant-industry software provider reported a beat-and-raise quarter

LegalZoom.com Inc. shares (LZ) rose25% after the legal-services company produced stronger adjusted earnings than expected and executives raised their annual guidance.

Stock decliners:

Icahn Enterprises LP's stock (IEP) fell 18% after Carl Icahn's investment arm disclosed a federal probe of its operations, posted a surprise quarterly loss and rebutted a short-selling report that has shaved about $6 billon of its market cap.

Axon Enterprise Inc.'s stock (AXON) slid 14% to lead S&P 500 decliners after the Taser parent posted quarterly earnings. "While the company delivered a strong quarter and guidance, the stock is trading lower in the aftermarket, likely reflecting higher expectations entering the quarter," said William Blair analysts.

GoPro Inc. shares (GPRO) fell 9% after the action-camera company said revenue declined nearly 20% in the first three months of the year, and said it would reduce prices that were raised earlier in the COVID-19 pandemic.

Shares of Babylon Holdings Ltd.(BBLN) slumped 69% after the healthcare company announced plans to go private, with backup from AlbaCore Capital.

Twilio Inc.(TWLO) slid 15% after the communications-software company posted its second straight $1 billion revenue quarter and a shrinking loss, but its second-quarter revenue forecast fell short of analyst estimates.

Shares of H&R Block Inc. (HRB) fell 5% after the tax-preparation company slashed its outlook for the full fiscal year, blaming a tax season that didn't pan out according to expectations.

Marqeta Inc.'s stock (MQ) was down 3% after the card-issuing company said it would "accelerate the realization of its efficiency goals and take restructuring actions" in the current quarter.

Topgolf Callaway Brands Corp.'s stock(MODG) fell 18%after the maker of golf equipment and apparel topped Wall Street expectations for its first quarter and revenue, but dialed down on adjusted EPS for the year.

Shares of iRobot Corp. (IRBT) fell 7% after the Roomba maker -- currently a $1.7 billion acquisition target of Amazon.com Inc. (AMZN) --reported worse-than-feared results.

Electronic Arts Inc. shares (EA) fell 1.6% even after the videogame publisher reported bookings and revenue that topped Wall Street's expectations

Cutera Inc.'s stock (CUTR) slid 12% after the maker of skincare and body-sculpting devices -- currently engulfed in drama over a leadership changeover--reported weaker quarterly results than expected and announced a new interim chief financial officer as well as plans to appoint new board directors.

-Ciara Linnane

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05-10-23 1324ET

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