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 analysts’ 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 Pharmaceutical — 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 expectations. 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 entry point 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.
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