Midday Stock Movers: Unity, Coinbase, Electronic Arts

2022.05.11 19:16

By Sam Boughedda

Investing.com — U.S. equities are mostly higher Wednesday lunchtime with only the Nasdaq down at -0.57%. Here are your midday movers on Wednesday, May 11th.

• Unity Software (NYSE:U) is down over 33% midday after the video game software developer missed revenue estimates and provided a weaker than expected guidance when it reported after the close Tuesday. However, earnings were in line with forecasts.
• Coinbase Global (NASDAQ:COIN) has tumbled 22% after it missed earnings and revenue estimates, posting an unexpected loss for the quarter. The cryptocurrency exchange posted a loss of $1.98 per share. The current decline in the crypto market impacted the company’s performance.
• Despite reporting a wider than expected loss for its latest quarter and revenue below expectations, Roblox (NYSE:RBLX) stock is now up just under 11% Wednesday. The gaming platform said it expects “to continue to report net losses for the foreseeable future.”
• Switch Inc (NYSE:SWCH) has rallied 9.6% on the back of news it will be acquired by DigitalBridge in a deal valued at $11 billion, including debt. DigitalBridge and an affiliate of global infrastructure investor IFM Investors will pay $34.25 per share to acquire all of the outstanding common shares of Switch, valuing the company at approximately $8.38 billion.
• Electronic Arts (NASDAQ:EA) missed earnings and revenue estimates when it posted earnings aftermarket Tuesday. However, the stock has rallied after MoffettNathanson analyst Clay Griffin upgraded the stock to Buy with a $141 per share price target.
• Celsius Holdings (NASDAQ:CELH) has surged 23% after topping top and bottom-line estimates. The fitness drink maker was boosted by a 217% increase in domestic revenue.

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