Lyft boosts buyback plan amid rising market
- Lyft's stock increased significantly after announcing a major enhancement to its share buyback program.
- Coinbase saw a drop in stock value due to disappointing first-quarter earnings results.
- Investors are cautious as various companies experience mixed stock performances.
In the United States, several companies were in the spotlight due to significant stock movements as of May 9, 2025. Lyft's stock surged over 11% after the company announced an increase in its share buyback program to $750 million, reflecting investor confidence despite broader market fluctuations. Meanwhile, the cryptocurrency exchange Coinbase faced a decline of 2% as its first-quarter earnings fell dramatically to 24 cents per share, a significant drop compared to the same period last year when earnings were at $4.40 per share. This disappointing financial performance led to concerns among investors regarding the viability of the exchange in a challenging market environment. Expedia also experienced a notable fall, dropping 10% as its Q1 revenue of $2.99 billion underperformed against analysts' expectations of $3.02 billion, triggering anxiety about travel demand recovery. In contrast, BP saw its shares rise 3% due to speculation revealed by the Financial Times regarding a potential takeover bid from industry peers such as Chevron, Shell, and ExxonMobil. Such news created optimism among investors, suggesting continued interest in consolidating within the oil and gas sector. Other companies, such as Sweetgreen, saw stocks decline by more than 5% after adjusting their full-year guidance downward. Sweetgreen’s anticipated earnings were lowered from a range of $32 million to $38 million to about $30 million. Additionally, the company expected annual revenue to fall between $740 million to $760 million, missing previous estimates. Micropchip Technologies reported mixed results, surpassing revenue expectations for both the fourth quarter and the first quarter, while Insulet outperformed estimates with adjusted earnings of $1.02 per share. Overall, the trading day revealed a complex interplay of different sector performances, with some companies gaining ground due to strategic moves while others faltered under the weight of disappointing financials. As various companies released earnings reports and revised forecasts, the stock market remained volatile, reflecting varying investor sentiments.