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Check out the companies that are trending in intraday trading. Warner Bros. Discovery — Shares fell 10% after the media conglomerate reported disappointing fourth-quarter results and failed to provide an outlook for free cash flow in 2024. Warner Bros. Discovery reported a loss of 16 cents per share on revenue of $10.28 billion. Analysts surveyed by LSEG had expected a loss of 7 cents per share on revenue of $10.35 billion. Block — Block shares soared nearly 18% after the payments company reported a surprise quarterly profit and provided strong guidance for earnings before interest, taxes, depreciation, and amortization for the first quarter and full year. DraftKings — Sports betting stock soars 4% after Barclays upgraded the stock to overweight from equal weight. The company said the stock is at an attractive entry point following the recent pullback. Rivian — Electric vehicle stocks fell 8% to a 52-week low, a day after falling nearly 26%. Rivian on Thursday reported a lower-than-expected 2024 production forecast and a higher-than-expected fourth-quarter loss of $1.36 per share. On Friday, UBS downgraded the stock from buy to sell and lowered its price target from $24 to $8. Bloomin’ Brands — The restaurant company rose more than 4% after reporting fourth-quarter adjusted earnings per share, according to FactSet. Restaurant profit margins also exceeded expectations. Booking Holdings — Shares fell 9.4% as the online travel booking company reported lower-than-expected first-quarter gross bookings and his EBITDA guidance, overshadowing better-than-expected quarterly results. Nio — The Chinese EV company’s U.S.-traded shares fell 7% following a downgrade by JPMorgan. The investment firm said Nio’s sales growth could be slower than expected, citing concerns about a lack of new models. Live Nation Entertainment — Shares of the entertainment platform rose about 3% after Live Nation reported fourth-quarter revenue of his $5.84 billion. That beat the $4.79 billion expected by analysts surveyed by LSEG. Carvana — Used car market shares rose 34% after the struggling company posted its first-ever annual profit. Carvana said it expects first-quarter adjusted EBITDA to be “significantly more than” $100 million. As a result of these results, William Blair upgraded Carvana from William Blair’s market performer to above performer, and Raymond James upgraded Carvana from underperform to market performer. MercadoLibre — Shares fell about 10% after the e-commerce platform posted flat year-over-year revenue in the fourth quarter. Operating income was also lower than planned. Penumbra — Stocks fell nearly 7% his. JPMorgan downgraded the medical device company from overweight to neutral, noting that “Penumbra will remain in the penalty box until it can demonstrate to investors that it can consistently outperform and guide the stock to levels where it can move higher.” did. Nextdoor Holdings — Shares rose more than 17% after the company reported preliminary fourth-quarter earnings that beat expectations. Nextdoor also announced that it will increase its stock repurchase program by $150 million. Co-founder Nirav Tolia will also return as CEO. Insulet — Shares fell 4.5% after the company announced disappointing first-quarter earnings forecasts. Insulet expects sales to rise 17% to 20% annually, compared with 24.3% expected by analysts surveyed by FactSet. EOG Resources — The oil company fell 4% after issuing a weak outlook for the current quarter and full year. EOG posted an inline profit in the fourth quarter, resulting in higher sales. —CNBC’s Alex Harring, Samantha Subin, Brian Evans, Lisa Kailai Han, Jesse Pound, Michelle Fox and Sarah Min contributed reporting
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