Warner Bros. Discovery, Block, Booking Holdings, and More
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Key Takeaways
The S&P 500 was up at midday Friday, Feb. 23, 2024, though it pared back some gains after reaching a record high earlier in the session.
Warner Bros. Discovery shares dropped as the entertainment giant’s ad revenue slowed.
Block shares surged on the payments fintech’s better-than-expected results and outlook.
The S&P 500 was up at midday Friday, though it pared back some gains after reaching a record high earlier in the session as the tech-fueled rally slowed. The Dow advanced, while the Nasdaq was little changed.
Block (
SQ
) shares jumped after the
payments fintech
posted a
surprise quarterly profit
and better-than-expected guidance on expectations of growth in its Cash App business and cost-cutting measures.
Live Nation Entertainment (
LYV
) shares gained as the parent of Ticketmaster posted
better-than-expected revenue
on a rise in shows and concert attendance.
Shares of VICI Properties (
VICI
) also climbed after the
real estate investment trust (REIT)
beat profit and sales forecasts as it benefited from focused capital expenditures.
Warner Bros. Discovery (
WBD
) shares sank as earnings and revenue at the entertainment giant missed estimates on falling advertising revenue. Shares of rival streaming services were lower as well.
Shares of Booking Holdings (
BKNG
) slumped after the online travel site warned that fighting in Gaza and currency fluctuations could negatively impact reservations and gross bookings.
EOG Resources (
EOG
) shares slipped as falling oil prices cut into the energy producer’s profits.
Oil futures were down and gold prices rose. The yield on the 10-year Treasury note dropped. The U.S. dollar advanced against the euro, but lost ground to the pound and yen. Most major cryptocurrencies traded lower.
