Uber Stock Drops Following Unexpected Net Loss

Major U.S. equities indexes were mixed on Wednesday. The rally dating back to last week appeared to lose some momentum as Federal Reserve officials struck a cautious tone and more companies released their quarterly results.

The S&P 500 was essentially flat at the end of the midweek session. The Dow closed the day 0.4% higher, while the Nasdaq slid 0.2%.

Vistra Corp. (VST) became the newest component of the S&P 500 on Wednesday, and shares of the power generation company surged 9.1%, topping the benchmark index on the day of their debut. The utility reported a year-over-year revenue decline in the first quarter, reflecting an impact of storms and mild winter weather. However, Vistra expects synergies from its recently closed acquisition of nuclear-focused generator Energy Harbor to drive strong growth.

Arista Networks (ANET) shares jumped 6.5% following the cloud networking giant’s first-quarter earnings report. In addition to beating top- and bottom-line forecasts, Arista provided better-than-expected guidance for the current quarter amid solid demand for artificial intelligence (AI) networking solutions. The company also announced a $1.2 billion stock buyback authorization.

Shares of Globe Life (GL) added 5.1% after the life and supplemental health insurer declared a quarterly dividend payout. Although the firm remains the subject of a Department of Justice probe into potential fraud and a class-action lawsuit related to alleged securities law violations, Globe Life is taking steps to return value to shareholders, authorizing a stock buyback plan last week ahead of this week’s dividend announcement.

Uber Technologies (UBER) shares posted the heaviest losses in the S&P 500, dropping 5.7% after the ridesharing giant reported its first-quarter financial results. Although its revenue matched forecasts, gross bookings fell shy of expectations, and Uber posted an unexpected net loss as hundreds of millions in charges related to revaluations of its investments weighed on profitability.

Broadridge Financial Solutions (BR) shares slipped 5.4% in the wake of the fintech firm’s fiscal third-quarter earnings report. Despite improving year over year, earnings and revenue for the period came in below expectations. Broadridge now expects full-year recurring revenue growth toward the low end of its previous guidance range.

Shares of Match Group (MTCH) lost 5.4% after the online dating platform operator issued lower-than-expected revenue guidance for the current quarter. The subdued forecast comes as users trim their spending on dating apps in the uncertain economic environment. Worldwide downloads of Tinder reportedly fell 6% year over year in the first quarter, marking the third straight quarter of declines.