Hot Stocks: PYPL, CVS climb on earnings; MSTR leadership change; ABNB sees soft bookings

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Another round of earnings news stirred trading in Wednesday’s midday action. PayPal (PYPL) and CVS Health (NYSE:CVS) both gained ground in the wake of their quarterly reports.

Meanwhile, MicroStrategy (MSTR) rallied despite a sizable loss fueled by a writedown of its Bitcoin holdings. The stock received a boost from news of a leadership change.

Turning to the downside, Airbnb (ABNB) slipped following its results, hurt by signs of weak bookings.

Gainers

PayPal (PYPL) soared about 9% following a wave of news, including strong earnings and raised guidance. The company also unveiled a $15B stock repurchase plan.

Along with the earnings and buyback, the online payment processor revealed an agreement to work with activist shareholder Elliott Investment Management. According to the company, this involves a continued “collaboration across a range of value-creation opportunities.”

CVS Health (CVS) represented another midday gainer, with shares rising almost 6% on earnings news. Broad-based strength across its business segments allowed the drug store chain to top expectations on both its top and bottom lines.

CVS said its revenue rose 11% to $80.6B, topping expectations by almost $4.3B. The firm also raised its 2022 EPS guidance.

The list of intraday gainers also included MicroStrategy (MSTR). The software company reported a massive Q2 loss, including $1B in digital asset impairment losses related to its large holdings of Bitcoin.

Despite this results, the stock rallied 12% after CEO Michael Saylor, the main force behind the firm’s Bitcoin accumulation, has stepped down as chief executive. He will assume the role of executive chairman.

Decliner

Airbnb (ABNB) lost ground in the wake of its quarterly results. The stock dropped almost 3%.

The online short-term property rental platform beat expectations with its Q2 earnings, with revenue that surged 57% from last year. However, investors focused on soft bookings and a weaker-than-expected booking forecast.

To track Wall Street’s best and worst performers throughout the session, click over to Seeking Alpha’s On The Move section.

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