ViacomCBS Inc. (NASDAQ: VIAC) traded down by about 11%, at $32.00 in a 52-week range of $28.29 to $101.97. The company missed earnings estimates when it reported quarterly results late Tuesday, but it did manage to beat revenue estimates by more than 6%. Subscriber numbers rose, but spending on content and marketing rose even faster, depressing operating income. The company will soon change its name to Paramount.
Goodbye Viacom and CBS: ViacomCBS will change its corporate name to Paramount as of Feb. 16, calling it an effort to adopt “an iconic global name” to reflect the company’s increasingly worldwide focus. https://t.co/It7SiEbZk7
— Variety (@Variety) February 15, 2022
Akamai Technologies Inc. (NASDAQ: AKAM) traded down by about 5.1%, at $105.35 in a 52-week range of $92.64 to $120.67. The cloud technology company beat top-line and bottom-line estimates but issued downside guidance for the current quarter. Akamai also announced a $900 million acquisition of infrastructure-as-a-service provider Linode.
CF Industries Inc. (NYSE: CF) traded down about 4.5%, at $69.00 in a 52-week range of $42.85 to $77.24. The fertilizer maker missed earnings estimate when it reported fourth-quarter results. Sales volume was also lower year over year due to maintenance, higher costs and lower production at its U.K. plants.
Wynn Resorts Ltd. (NASDAQ: WYNN) traded down by about 2.3%, at $94.07 in a 52-week range of $76.03 to $143.88. The casino operator posted a larger than expected quarterly loss when it reported results late Wednesday. Operating revenue was up in Las Vegas but down in Macau.
Discovery Inc. (NASDAQ: DISCA) traded down about 2.1%. at $29.87 in a 52-week range of $21.66 to $78.14. The media and entertainment company had no specific news.
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