Stocks making the biggest moves midday: GameStop, Adobe, General Mills and more

Stocks making the biggest moves midday: GameStop, Adobe, General Mills and more


The General Mills logo is displayed on a box of Raisin Nut Bran cereal at Scotty’s Market on September 20, 2017 in San Rafael, California.

Justin Sullivan | Getty Images News | Getty Images

Check out the companies making headlines in midday trading.

Adobe — Shares for the computer software company tumbled 10% in midday trading. Adobe beat earnings, but reported a weak outlook. The company expects a $75 million hit to its business from the Russia-Ukraine conflict. In the first quarter, Adobe beat estimates by 3 cents, reporting adjusted quarterly earnings of $3.37 per share.

General Mills — The food company’s stock price jumped 2.5% in midday trading. General Mills reported better-than-expected quarterly earnings and raised its full-year outlook. The firm earned an adjusted 84 cents per share, 6 cents more than consensus estimates.

Poshmark — Shares of the online clothing marketplace rose 4.6% a day after the firm reported a slightly smaller-than-expected loss and beat on revenue in the recent quarter. Poshmark also reported weaker-than-expected guidance for the current quarter, which led shares to initially slide.

Winnebago — Shares for the recreational vehicle maker plummeted 10% in midday trading. Winnebago reported adjusted quarterly earnings of $3.14 per share, beating consensus estimates of $2.94 from analysts.

GameStop — The meme stock skyrocketed 13% in midday trading Wednesday after GameStop Chair Ryan Cohen on Tuesday bought an additional 100,000 shares. Cohen’s stake in the video game retailer expanded to 11.9%.

Tilray Brands, Aurora Cannabis — Cannabis stocks jumped in midday trading after two major acquisitions were reported in the industry. Cresco Labs will acquire Columbia Care in a $2 billion deal, according to Reuters. Aurora Cannabis said it is purchasing TerraFarma in a C$38 billion deal. Tilray spiked 3.5%, and Aurora Cannabis jumped 1%.

Okta — Shares of Okta fell more than 8% a day after the digital authentication company said it found no evidence of ongoing malicious activity following a hacker breach that affected 366 customers. Okta said hackers gained only limited access.

Boeing — The aerospace stock lost 2.4% on Wednesday, mostly erasing Tuesday’s rebound, as investors continued to monitor the investigation of a plane crash in China. One of the two black boxes from the flight, which could reveal the reason for the crash, has been found, according to Chinese state media.

Mosaic Company — Shares for Mosaic Company popped 2.7% in midday trading. The fertilizer stock continues to enjoy popularity among investors who see huge gains ahead for the company following any shortages from Russia-Ukraine conflict.

— CNBC’s Tanaya Macheel, Jesse Pound and Samantha Subin contributed reporting.



Source

Walmart-backed fintech OnePay is bringing crypto to its banking app, sources say
Finance

Walmart-backed fintech OnePay is bringing crypto to its banking app, sources say

Key Points OnePay, the fintech firm majority-owned by Walmart, will soon offer cryptocurrency trading and custody on its mobile app, CNBC has learned. OnePay will offer customers access to bitcoin and ether later this year with help from the startup Zerohash. By allowing OnePay users to hold bitcoin and ether in their mobile app, customers could […]

Read More
Stocks making the biggest moves midday: Starbucks, FICO, Acadia Healthcare & more
Finance

Stocks making the biggest moves midday: Starbucks, FICO, Acadia Healthcare & more

Check out the companies making the biggest moves midday: Acadia Healthcare — The healthcare stock jumped about 7% after investors Khrom Capital filed to push the company to explore strategic alternatives. Acadia shares are down 33% year to date. Sarepta Therapeutics — The biotech company rallied 6%. While a catalyst for the move was not […]

Read More
Tom Lee sees S&P 500 topping 7,000 by year-end, says don’t be fooled by shutdown calamity talk
Finance

Tom Lee sees S&P 500 topping 7,000 by year-end, says don’t be fooled by shutdown calamity talk

The government shutdown is unlikely to derail the stock market’s momentum into year-end, according to Tom Lee, Fundstrat Global Advisors’ head of research. Lee believes the suspension of economic data releases from federal agencies is a “sidebar issue,” adding that past shutdowns have had little lasting impact on equities. The widely followed strategist, who called […]

Read More