Penn Entertainment shares surge on ESPN deal, Lyft slumps and other stocks on the move

By MarketWatch

Rivian Automotive, DraftKings, and SuperMicro were all moving sharply on Wednesday

Here are some of the biggest movers of the day:

Stock gainers:

Marqeta Inc.'s stock (MQ) was surging 15% after the company, which makes card-issuing technology, addressed a major investor overhang as it announced a deal renewal with Block Inc.'s (SQ) Cash App.

Shares of Toast Inc.(TOST) were up 16% after the maker of payment technology for the restaurant industry achieved positive free cash flow for the first time since it went public.

Shares of Axon Enterprises Inc. (AXON) rallied 15% to lead S&P 500 gainers after the TASER maker's earnings topped Wall Street expectations

Penn Entertainment Inc. shares (PENN) were surging 8% after the company reached a deal with Walt Disney Co.'s ESPN to rebrand Penn's sportsbook as ESPN Bet. The stock also got support from an earnings beat. Shares of sports-betting rival DraftKings Inc.(DKNG) were down 10%, and FanDuel owner Flutter Entertainment , which also reported results, slumped in London trade.

Shares of Twilio Inc.(TWLO) were up 2% after the software company reported revenue and earnings that eclipsed the estimates of Wall Street analysts.

Shares of Duolingo Inc.(DUOL) were up 11% after the language-learning app reported second-quarter results that beat expectations, helped by a jump in paid subscribers.

Reynolds Consumer Product's stock rose 4% after better-than-expected second-quarter earnings.

Stock decliners:

Shares of ride-sharing service Lyft Inc.(LYFT)rallied initially after the company reported quarterly results, but were down 8% at last check.

Rivian Automotive Inc.'s stock (RIVN) fell 8% after better-than-expected quarterly results failed to boost the EV maker's stock, with most analysts keeping their cautious view on the company and on the direction of the stock in the near term.

Super Micro Computers Inc. shares (SMCI) fell 23% as the AI server maker's outlook came in light.

Shares of ZipRecruiter Inc.(ZIP) tumbled 12% after the job-posting site reported quarterly earnings above expectations but said employers are more reluctant to pay for job ads and the number of job openings has dwindled.

Upstart Holdings Inc.(UPST)fell short with its third-quarter revenue forecast, and shares of the financial-technology company were declining 33%.

Shares of IAC Inc.(IAC) fell 13% after the media company reported second-quarter results that missed expectations.

LL Flooring Holdings Inc.'s stock (LL) was down 0.6% after earnings fell short of estimates.

Warby Parker Inc.'s stock (WRBY) fell 1.4%, even after the eyewear maker posted a surprise adjusted profit and revenue that rose above forecasts, amid increases in both active customers and revenue per customer.

Roblox Corp.'s stock (RBLX) was down 20% after the gaming company fell short of bookings expectations for the second quarter and saw its losses swell.

-MarketWatch

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08-09-23 1247ET

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