Check out the companies making headlines in midday trading.
Peloton — The at-home fitness company's shares tumbled 23.93% after the stationary bike maker announced it will temporarily halt production of its bikes and treadmills due to waning demand as it tries to control costs. The news comes as about $40 billion has been shaved off Peloton's market cap over the past year.
Marriott International — Shares of the hotel chain 1.6% after the company provided an update on its development process in 2021. Marriott said it added more than 86,000 rooms on a gross basis, growing the system 3.9%, including room deletions of 2.1%. It also said that by the end of the year it had the largest global development pipeline, with roughly 485,000 rooms.
Baker Hughes — The energy tech company's shares gained 1.6% after it reported strong quarterly earnings. Reported revenue of $5.5 billion beat FactSet estimates of $5.4 billion. Adjusted EBITDA came in at $844 million, compared to estimates of $787.2 million.
Travelers Companies — The insurance stock popped 3.1% on Thursday after Travelers blew past estimates for earnings and revenue for the fourth quarter. The company reported $5.20 in earnings per share on $8 billion in revenue, with net premiums written rising 10% year over year. Analysts surveyed by Refinitiv had projected $3.86 per share on $7.71 billion of revenue.
Regions Financial — The bank's stock slid 5.2% after the company reported quarterly earnings that were lower than expected by 6 cents per share, as well as revenue that matched analyst estimates.
M&T Bank — Shares of the regional bank fell 5.4% after the company reporter lower-than-expected earnings for the most recent quarter. Interest margins were also lower than expected at 2.58%, compared to estimates of 2.67%.
Money Report
International Flavors & Fragrances — Shares of the New York-based fragrance company increased 1.1% after CNBC's David Faber reported that longtime activist investor Carl Icahn took a 4% stake in the company. Separately, International Flavors & Fragrances named Frank Clyburn chief executive officer effective Feb. 14.
Casper Sleep — Shares of the mattress company surged 9.7% after Casper announced that its board had approved a takeover offer from private equity firm Durational Capital Management. The deal values Casper at $6.90 per share.
Mastercard — The card giant saw shares rise almost 1% after it launched a virtual card solution that will allow for instant business-to-business payments. The news follows more new product announcements from Wednesday, including a cobranded credit card with Instacart and an NFT partnership with Coinbase.
Signet Jewelers — Shares fell 9.6% after the jewelry retailer said holiday sales rose 30.4% from year prior. Same-store sales also jumped more than 25%, the company said.
Etsy — The online marketplace saw its shares rise 2.3% after the stock received an upgrade from KeyBanc to overweight from sector weight. The firm's price target of $200, implies about 22% upside.
— CNBC's Jesse Pound, Hannah Miao and Yun Li contributed reporting
