Movers: BioNTech, MicroStrategy, Palantir, Rivian, Sweetgreen, Uber

Barry Adams
09 May, 2022
New York City

BioNTech SE jumped 6% to $144.59 after the German biotech company reported first quarter sales tripled to 6.37 billion euros on the commercialization of the vaccine in partnership with Pfizer. 

The company reiterated its 2022 revenues outlook between 13 billion and 17 billion euros and its plan to develop vaccines including Omicron-adapted booster. 

Bitcoin, the crypto currency continued its slide after reaching as high as $40,000 last month and $69,000 in June 2021. The currency has fallen 16% in the previous week and extended losses 5% today and dropped to $32,000. 

The cryptocurrency has fallen more than 50% from its peak of $69,000 in July 2021. 

MicroStrategy may face margin calls if the bitcoin price falls below $21,000 on a loan of $250 million. The company owns about $4 billion of bitcoins. 

MicroStrategy Inc fell 18% to $242.05, Coinbase Global declined 13% to $89.64, and Block (parent of Square) declined 11% to $85.13. 

Palantir Technologies Inc dropped 20.8% to $7.53 after the cyber security software company reported revenues in the first quarter of $443 million and a net loss of $110 million. 

The company also guided weaker-than-expected revenues in the second quarter of $470 million and hinted higher revenue possibilities on government contracts linked to the current geopolitical tensions.  

Rivian Automotive Inc plunged 18.3% to $23.61 after IPO lockup period expired on Sunday. Ford Motor is also looking to sell its block of 8 million shares.  

Sweetgreen, Inc declined 15% to $20.25 and extended two-day losses after the salad chain on Thursday evening reported first quarter revenues rose 67% to $102 million but net losses widened to 63% to $49.2 million from $30 million a year ago. 

The company reiterated its annual 2022 revenues guidance between $515 million and $535 million. 

Uber Technologies Inc plunged 8.8% to $23.78 after the company chief executive in an internal memo said it plans to cut marketing expenses and incentives reflecting 'seismic shift' in the marketplace. 

Lyft Inc declined 5% to $19.47 in following the Uber announcement. The company had mentioned in the latest earnings release the need to increase its marketing spending in the current quarter. 

The company said second quarter higher marketing expenses are likely to depress the adjusted EBITDA to between $10 million and $20 million from $54.8 million in the first quarter.