BuzzFeed, First Republic, Meta, And More Stocks Move Midday

‍BuzzFeed

The share price of the internet media company fell by about 10% due to a weak revenue outlook for the first quarter. According to FactSet, Buzzfeed expects first-quarter revenue to be between $61 million and $67 million, compared to analyst expectations of $83.6 million for the period. As a result of the company's fourth-quarter results, the company exceeded sales expectations.

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Meta Platforms

Shares of Meta gained 6% Tuesday after CEO Mark Zuckerberg announced that the social media company plans to cut 10,000 jobs by the end of 2014. This announcement comes just months after the tech giant announced it was laying off more than 11,000 employees earlier this year.

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United Airlines

United's shares fell about 5 after it forecast a loss for the first quarter, citing weaker demand than in other months and higher fuel costs. In contrast to its previous forecast of 50 cents to $1 per share, the airline expects an adjusted quarterly loss between 60 cents and $1 per share.

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First Republic, PacWest Bancorp, Western Alliance Bancorp, Comerica

A number of regional banks rallied sharply on Tuesday after they were hit hard by the market on Friday and Monday. There was an increase of about 50% in shares of San Francisco-based First Republic Bancorp, a rise of more than 60% for PacWest Bancorp, and a gain of more than 40% for Western Alliance Bancorp. The stock prices of Comerica, KeyCorp, and Zions Bancorp all climbed more than 10% during the day. It is interesting to note that the moves came at a time when several banks reported only modest withdrawals of depositors and Ken Griffin's Citadel hedge fund took a large stake in Western Alliance following the collapse of Silicon Valley Bank.

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Charles Schwab Corp., Morgan Stanley, Wells Fargo

A number of the larger financial companies were in the green on Tuesday, as the sector as a whole attempted to rebound from the losses suffered over the past week. There was a 9% rise for Charles Schwab, a 3% rise for Morgan Stanley, and an almost 5% rise for Wells Fargo. It was reported earlier this week that Deutsche Bank reiterated its view of Charles Schwab as a buy, saying liquidity risks are overblown.

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Match Group

The stock price of Match gained 6.1% as a result of an upgrade to overweight from equal weight at Barclays, pointing out that the dating platform owner has become a valuable stock over the past few years.

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Cvent Holding Corp.

After Blackstone announced that it had agreed to buy the software company for $8.50 a share in a deal valued at about $4.7 billion, the share price of the company rose over 12%. It is expected that the transaction will close by the middle of this year.

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GitLab

As a result of its softer-than-expected outlook, the project planning software maker's share price plunged 27%. GitLab expects revenues for the year ending January 2024 to be $529 million to $533 million, which is lower than the Refinitiv forecast of $586.4 million for the same period. During the just-ended fiscal fourth quarter, the company was able to beat both the top and bottom lines on the top and bottom lines.

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Uber, Lyft, DoorDash

Both Uber and Doordash rose more than 5%, while Uber's ride-sharing peer Lyft rose about 3% after a California appeals court overturned previous rulings and allowed drivers to be treated as independent contractors.

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