Check out the companies making headlines in midday trading.
Carnival — Carnival shares rose 3% after the cruise line said voyages for the third quarter were cash flow positive and expects this to continue. Shares of Norwegian Cruise Line gained about 3% and Royal Caribbean added 2.8%.
Match Group — Shares of Match Group rose about 4% after the online dating platform announced on Thursday that it will sell shares of its common stock in a registered direct offering. The price per share and number of shares of common stock issued will be calculated by a volume-weighted average price during a five-day averaging period starting Friday, the company said.
Merck — Shares of the pharmaceutical giant rose 0.8% on Friday after Merck and AstraZeneca announced that treatment using the drug Lynparza showed positive results in a phase-three trial. The trial results suggest that the treatment slows the progression of prostate cancer and show a trend toward increased survival, the companies said.
Nike — The apparel stock fell 6.3% after Nike cut its full-year guidance for sales growth. The company said supply chain issues in Vietnam were slowing sales. Nike now projects mid-single-digit revenue growth for its 2022 fiscal year, down from prior guidance of low-double-digit growth.
Costco — Shares of the retailer jumped 3.3% following Costco's fourth-quarter results. The company beat top- and bottom-line estimates during the quarter, earning $3.90 per share excluding items on $62.68 billion in revenue. Analysts surveyed by Refinitiv were expecting $3.57 per share on $61.3 billion in revenue.
Salesforce — Salesforce extended its Thursday gains, rising 2.8% after Piper Sandler upgraded the stock to overweight from neutral, saying it's confident the company could see "a multi-year period of multiple and profit expansion." The stock jumped on Thursday after the software company raised its full-year 2022 revenue guidance.
Coinbase — Shares of the cryptocurrency exchange slid about 2.4% even after Needham reiterated the stock as a buy. Cryptocurrencies plunged Friday morning on news that China is issuing yet another crypto crackdown. Coinbase derives 90% of its revenue from retail transactions, which is highly correlated with crypto asset prices, according to Needham, so its stock price tends to move in tandem with cryptocurrencies.
Cheesecake Factory, Dave & Buster's — Cheesecake Factory and Dave & Buster's added 5.1% and 4.3%, respectively, after Jefferies upgraded the restaurant stocks to buy from hold. "We are incrementally more positive on the full service category following delta/inflation sell-off and exuberant Consensus forecasts reigned in," Jefferies said.
Roku — Roku shares fell 3.8% after Wells Fargo downgraded the video streaming platform to equal weight from overweight. Wells Fargo said rising competition makes expectations for Roku's revenue growth likely too high.
— CNBC's Jesse Pound, Pippa Stevens and Tanaya Macheel contributed reporting
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