Movers: Cigna, Clouflare, DraftKings, DoorDash, Live Nation, Under Armour, Shake Shack

Barry Adams
06 May, 2022
New York City

Cigna Corp increased 4.7% to $263.09 after the health insurance company reported first quarter revenues rose nearly 10% to $44 billion and net income increased 18% to $1.9 billion or $3.68 a share. 

Specialty pharmacy business recorded a strong revenue growth of 10% to $33.5 billion in the quarter. 

Cloudflare Inc fell 19.7% to $62.21 after the internet security company reported first quarter revenues rose 54% to $212.2 million and net loss increased slightly to $41.4 million or 13 cents a share from a year ago. 

The company guided second quarter revenues between $226.5 million and $227.5 million and non-GAAP earnings between a loss of 1 cent and breakeven. 

Full-year revenues between $955 million and $959 million and non-GAAP earnings between 3 cents and 4 cents a share.  

DraftKings Inc declined 5.7% to $13.73 after the sports betting company reported March quarter revenues soared 34% to $417 million and monthly unique paying customers increased 29% to 2 million. 

The company lifted its fiscal year 2022 revenue guidance from a range of $1.85 billion to $2.0 billion to a range of $1.925 billion to $2.025 billion.

The company also improved its fiscal year 2022 Adjusted EBITDA guidance from between a loss of $825 million and $925 million to between a loss of $760 million and $840 million.

DoorDash Inc dropped 11% before rebounding 3% after the food delivery company reported strong quarterly results. 

Revenues rose 35% to $1.5 billion and gross marketplace volume increased 25% to $12.4 billion and orders delivered rose 23% to 403 million from a year ago. 

Live Nation Entertainment, Inc rebounded to unchanged after dropping as much as 9% after the concert ticketing company reported first quarter revenues increased six-fold to $1.8 billion and profit was $27.1 million compared to a loss of $303 million a year ago. 

The company sold about 11 million tickets in the first quarter compared to 15 million in the similar quarter in 2019. 

Gross ticket volume in the first quarter was the second best in the company's history. 

Cvent Holding and Eventbrite Inc fell as much as 10%. 

Shake Shack Inc decreased 5.2% to $53.16 after the fast food restaurant chain reported first quarter sales increased 31% to $203.4 million and comparable stores sales rose 10.9%. 

The company reported a quarterly loss of $10.2 million or 26 cents a share compared to profit of $0.6 million or 3 cents a share. 

Under Armour Inc plunged 27.2% to $10.44 after the apparel retailer reported March quarter revenues rose 3% to $1.3 billion and gross margin declined 350 basis points to 46.5% 

The fashion retailer guided fiscal year 2023 revenues to increase between 5% and 7% to $5.7 billion and adjusted diluted earnings per share between 63 cents and 68 cents compared to 68 cents in the baseline period. 

The company recently changed its fiscal year from December 31 to March 31 and there will be no fiscal year 2022. 

Zillow Group declined 11.3% to $35.29 after the company guided softening market conditions in the second quarter. 

The real estate platform and a brokerage group reported 211 million unique visitors in the month. Consolidated revenues increased about 10% to $536 million, excluding the home flipping business.  

The company guided core business - Internet, media, and technology segment - revenues in the June 1uarter between $472 million and $492 million.