Here’s a look at the companies making headlines in midday trading: Charter Communications, Liberty Broadband — Cable operator Charter Communications agreed to acquire Liberty Broadband in an all-stock deal. Charter shares rose 5.6%, while Liberty Broadband fell 3%. Cava Group — The Mediterranean-style food chain reported stronger-than-expected third-quarter results, sending its shares up 7%. Cava’s earnings of 15 cents per share beat analysts’ consensus estimate of 11 cents polled by LSEG, while its revenue of $244 million topped estimates of $234 million. Rocket Lab — Shares of the space infrastructure company soared 35% after the company reported third-quarter revenue of $104.8 million, beating analysts’ expectations and up 55% from the same period last year. The company also announced the first customer for its Neutron vehicles and forecast fourth-quarter revenue above analysts’ forecasts. Maplebear — Instacart shares fell 12% after its parent company issued fourth-quarter adjusted earnings before interest, taxes, depreciation and amortization guidance that fell short of Wall Street expectations, according to FactSet. On the other hand, Maplebear’s third-quarter revenue and profit exceeded analysts’ expectations. Skyworks Solutions — Semiconductor shares fell 4% after Skyworks Solutions reported weaker-than-expected first-quarter guidance. The company expects revenue in the period of $1.05 billion to $1.08 billion, while analysts polled by FactSet expected revenue of $1.09 billion. Flutter Entertainment — The online gambling company reported a stronger-than-expected third-quarter report, sending shares up 6%. Flutter reported adjusted earnings of 43 cents per share on revenue of $3.25 billion. Analysts polled by LSEG expected earnings of 10 cents per share on revenue of $3.07 billion. Flutter said revenue from its U.S. subsidiaries, including FanDuel, increased 51% year-over-year. Spotify Technology — Shares of Spotify rose 11% after the music streaming platform forecast a fourth-quarter profit that beat analysts’ expectations. FactSet data shows that the company’s monthly active users also performed strongly in the third quarter, totaling about 640 million, an increase of 11% from the same period last year and higher than analysts’ forecast of 639 million. However, Spotify’s third-quarter profit and revenue fell short of expectations. Rivian Automotive — The automaker announced a $5.8 billion joint venture with Volkswagen Group. The first Volkswagen models using Rivian software and electrical architecture may be available as early as 2027. The company’s shares rose about 18%. Up 1% The drugmaker said it found no link between use of MariTide, its experimental weight-loss injection, and changes in bone mineral density. Amgen fell 7% in the previous session after analysts cited additional data from an early-stage trial showing that the highest dose of MariTide was associated with a decrease in bone mineral density. SoundHound AI — Speech recognition stock plunged about 17%. SoundHound issued 2024 revenue guidance of $82 million to $85 million, while analysts polled by FactSet were seeking $82.6 million. The company reported an adjusted loss of 4 cents per share in the third quarter, compared with Wall Street expectations of a loss of 7 cents per share. Spirit Airlines — The low-cost airline may file for bankruptcy within weeks after merger talks with rival Frontier Group Holdings failed, sending the company’s stock tumbling 57% after The Wall Street Journal reported. —CNBC’s Sarah Min, Alex Harring, Samantha Subin, Jesse Pound, Yun Li, Lisa Kailai Han and Michelle Fox contributed reporting.
