Midday Stock Movers: SoFi, Upstart, Coinbase

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By Sam Boughedda

© Reuters Midday Stock Movers: SoFi, Upstart, Coinbase

Investing.com — The Dow and S&P 500 are selling off again Monday, albeit not as significantly, with the Nasdaq up 0.02% just before lunchtime. There have already been some considerable moves lower. Here are your midday movers on Tuesday, May 10th.

SoFi Technologies (NASDAQ:SOFI) has plummeted 18.5% after it seemed to accidentally report earnings ahead of this evening’s scheduled release. In a post labeled “test,” the company posted a loss per share of $0.14, with revenue for the first quarter coming in at $322 million.

Upstart (NASDAQ:UPST) is now down 60% despite beating earnings and revenue expectations. The decline is due to the company cutting its outlook, stating that the current macroeconomic environment will possibly negatively impact loan volume.

After initially rising, AMC Entertainment (NYSE:AMC) is now down 7%. The company posted a greater than expected quarterly loss while revenue topped analyst forecasts.

Coinbase Global (NASDAQ:COIN) has tumbled 11.2% ahead of its scheduled earnings report after the close. Analysts polled by Investing.com expect the company to post earnings per share of 0 cents on revenue of $1.5 billion.

Peloton Interactive (NASDAQ:PTON) has also fallen Tuesday — down 14% — after it posted earnings and revenue that missed analyst expectations. The home fitness equipment and subscription firm reported a loss per share of $2.27 on revenue of $964.3 million.

Roblox (NYSE:RBLX) is another stock that has declined before its earnings release after the close. Roblox shares are down 8.4% midday. Earlier in the session, the company’s price target was cut to $36 from $70 at Truist.