Here are some of the companies making the biggest moves in midday trading: Datadog — The cloud stock soared nearly 30% after the company reported a third-quarter earnings and revenue beat before the bell. Adjusted earnings per share came in at 45 cents, versus the 34 cents expected from analysts polled by StreetAccount. Revenue was $547.5 million, topping the $524.7 million expected. Datadog’s guidance for both earnings per share and revenue for the fourth quarter and the full year also exceeded expectations. Re/Max — The brokerage firm’s stock tumbled 9.8% after being downgraded by Morgan Stanley to underweight from equal weight. On Monday, the firm warned Re/Max could be at increased risk of litigation and expensive settlements after a jury found the National Association of Realtors and some large residential brokerages liable for $1.78 billion in damages for conspiring to keep commissions high. Re/Max had settled the suit for $55 million prior to the trial. Planet Fitness — Shares rallied 12.4% after the gym chain topped expectations for both earnings and revenue for the third quarter. Planet Fitness also raised its outlook for the year, anticipating earnings-per-share growth of 35% year over year. Analysts polled by StreetAccount had estimated 32.4% profit growth. Vivid Seats — The online ticket marketplace popped 6.2%. Vivid Seats beat analyst expectations for third-quarter revenue, while also offering strong guidance on the measure for 2023 and 2024. The company also confirmed it would acquire Vegas.com in a $240 million deal. TripAdvisor — Shares of the travel website operator jumped 9.5% after the company beat third-quarter earnings and revenue expectations. TripAdvisor posted 52 cents per share in adjusted earnings on revenue of $533 million. Analysts had expected earnings of 47 cents per share on revenue of $505 million, according to LSEG, formerly known as Refinitiv. Biomarin Pharmaceutica l — Shares added 12% after Reuters reported activist investor Elliott Investment Management built a stake in the pharmaceutical company, citing two people familiar with the matter. The hedge fund has been talking with Biomarin Pharmaceutical “for months” about its future, Reuters said. Sanmina — Shares slipped nearly 14% after the electronics manufacturer missed on earnings and revenue and offered weak guidance. Sanmina said it expects fiscal first-quarter revenue between $1.85 billion and $1.95 billion, well below analysts’ expectations of $2.19 billion, per StreetAccount. Hims & Hers Health — The telehealth stock climbed 15% after the company posted third-quarter revenue that beat Wall Street’s expectation. Hims & Hers Health also raised its full-year guidance and announced a $50 million share repurchase program. DigitalOcean — Shares of the cloud computing platform popped 13.6% after Goldman Sachs upgraded the stock to buy from sell, saying the stock’s significant underperformance has created an attractive entrypoint for investors. The firm said it sees a path to organic reacceleration for the next year, modeling 11% year-over-year growth for the company in 2024. Air Products and Chemicals — Shares of the industrial gases company dropped 11% after fourth-quarter sales missed expectations. Air Products reported $3.19 billion in revenue, below the $3.35 billion expected by analysts, according to StreetAccount. Sales were down 11% year over year. D.R. Horton — The homebuilder’s stock increased nearly 3% after its fourth-quarter earnings per share of $4.45 topped the $3.93 expected from analysts, per LSEG. Revenue also outpaced estimates. GlobalFoundries — The semiconductor stock gained 7% after the company reported an earnings beat for its third quarter. Revenue was in line with expectations. Guidance for fourth-quarter earnings also came in stronger than anticipated, but revenue estimates were weaker than expected. UBS — UBS shares rose almost 2% after the Swiss banking giant recorded third-quarter underlying operating profit before tax of $844 million , topping consensus estimates, as it integrates rival Credit Suisse. — CNBC’s Pia Singh, Tanaya Macheel, Sarah Min, Alex Harring and Jesse Pound contributed reporting.
