Stocks making the biggest moves midday: Alphabet, PayPal, General Motors, AMD & more
Check out the companies making headlines in midday trading Wednesday.
Alphabet – Shares of Alphabet popped 8.6% after the Google parent posted blowout quarterly results and announced a 20-for-1 stock split. Alphabet beat analyst estimates for every major metric, except for YouTube advertising revenue; the company reported a profit of $30.69 per share in the fourth quarter, compared with the Refinitiv consensus estimate of $27.34.
PayPal – PayPal plunged 25.9% after issuing disappointing guidance for the current quarter — which it blamed on inflation — and missing bottom-line forecasts by a penny per share. The payments giant also pointed to challenges with the transition of former owner eBay to its own payments platform.
General Motors – GM shares fell 2.6% after a mixed quarterly report. The automaker posted adjusted quarterly earnings of $1.35 per share, 16 cents higher than the Refinitiv consensus estimate. However, GM’s revenue fell short of Wall Street expectations.
Advanced Micro Devices – AMD shares added 5.9% after the chipmaker beat earnings expectations. The company posted an adjusted quarterly profit of 92 cents per share, topping the Refinitiv consensus estimate by 16 cents. AMD also forecast better-than-expected full-year revenue, as demand remains strong for its data center chips.
Capri Holdings – Shares of the company behind Michael Kors and other luxury brands jumped 6.1% after a stronger-than-expected earnings report. Capri reported adjusted earnings of $2.22 per share for the last quarter, beating the Refinitiv consensus estimate of $1.69 per share. The company also hiked its profit forecast as demand for handbags and apparel remains strong.
Boston Scientific – Shares of the medical device manufacturer ticked 4.2% lower after reporting a disappointing outlook. Boston Scientific did, however report quarterly earnings of 45 cents per share, 1 cent over expectations. The company’s revenue also beat a Refinitiv estimate.
Match Group – Match Group shares rose 5.1% even after the Tinder-parent company issued a weaker-than-expected full-year revenue forecast, as it projects pandemic will continue to hinder dating activity.
Under Armour – Shares of the apparel company rose 2.9% after Morgan Stanley upgraded the stock to overweight. The investment firm said Under Armour looked like a buying opportunity after a weak January and that the company should be able to better manage supply chain issues than some of its peers.
— CNBC’s Yun Li, Maggie Fitzgerald, Jesse Pound and Tanaya Macheel contributed reporting.
