Movers & Shakers: Meta’s stock up on report of more layoffs, and WeightWatchers telehealth deal gives it access to promising obesity drug market


These were among some of the more prominent stocks on the move in Tuesday trading:

Stock gainers

Stock decliners

  • Cara Therapeutics’s stock CARA CARA, -29.84% sank 31% after it posted disappointing fourth-quarter results. The biopharmaceutical company reported a loss of 56 cents per share, narrower than the same period last year of a loss of 63 cents per share, but wider than Wall Street expectations of a loss of 34 cents per share.
  • Social media and dating app Grindr shares GRND, -5.69% sank 7%after reporting lower net income in the fourth quarter. The company’s revenue rose to $54.5 million from $45 million a year earlier but net income dropped to $5.2 million compared with $6.5 million a year earlier. Executives said they expect a 25% revenue increase in fiscal 2023 from about $195 million in 2022.
  • RV maker Thor Industries ‘s stock THO, -3.63% fell 3.8% after the company missed its second-quarter profit target and cut its 2023 earnings forecast to $5.50 to $6.50 a share from $7.40 to $8.70 a share previously. Wall Street analysts currently expect Thor Industries to earn $7.53 a share, according to estimates compiled by FactSet. The company’s second-quarter profit was 49 cents below consensus.
  • Shares in cloud-computing firm Nutanix NTNX, -8.31% were down 7.5%after it warned in fiscal second-quarter results that it may not be able to file its 10-Q as scheduled due to an issue with “certain evaluation software from one of its third-party providers.” The results however beat revenue expectations of $465 million, posting a revenue increase of $486.5 million from $413.1 million in the year-ago quarter.

Sector spotlight

Airline stocks were mostly higher, after the Justice Department blocked JetBlue Airway’s Corp.’s planned takeover of Spirit Airlines Inc. SAVE, +3.91%. The news was expected after JetBlue CEO Robin Hayes told the Wall Street Journal on Monday that he was expecting to be sued. The news propped up the stock of United Airlines Holdings Inc. UAL, +4.58%, Delta Air Lines Inc. DAL, +2.81% and American Airlines Group Inc. AAL, +2.70% Attorney General Merrick Garland said the deal would have pushed up airfares.

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