Stocks making the biggest moves midday: Activision, Snap, Ford & more

Check out the companies making headlines in midday trading.

Ford — The legacy automaker’s stock rose 2% after Ford reported better than expected earnings for the fourth quarter and updated investors on its plans for electric and autonomous vehicles. The company said it will spend $29 billion on the new technology through 2025. Revenue for the fourth quarter did miss expectations, however.

T-Mobile — Shares of the telecommunications company fell more than 3% despite a stronger-than-expected fourth quarter report. T-Mobile reported 60 cents in earnings per share and $20.34 billion in revenue. Analysts surveyed by Refinitiv had penciled in 51 cents per share and $19.93 billion in revenue. The company’s guidance for cash flow metrics in 2021 missed expectations, however, according to FactSet.

Peloton — Shares of the at-home cycling stock fell more than 7% after the company outlined ongoing supply chain issues amid a surge in demand for its products. Peloton, however, reported sales growth of 128% during the fiscal second quarter, bringing in more than $1 billion in a single quarter for the first time in the company’s history. Peloton earned 18 cents versus the 9-cent profit expected by the Street. Revenue came in a $1.06 billion, also ahead of the expected $1.03 billion, according to Refinitiv.

Activision Blizzard — The video game maker led the S&P 500 on Friday with a nearly 10% gain after it reported fourth-quarter profit and revenues ahead of Wall Street’s expectations. Rob Kostich, president of Activision Publishing, said Thursday evening that its “Call of Duty” franchise, including free-to-play “Warzone,” was a key driver of the company’s business in 2020 and that the game is “going to be front and center for us for a long time.”

Snap — The social media company saw its shares jump nearly 6% after beating expectations on earnings, revenue and user growth. Snap posted an adjusted earnings per share of 9 cents, versus 7 cents expected by analysts, according to Refinitiv. However, the company issued a light first-quarter guidance and warned that Apple’s privacy changes could “present another risk of interruption to demand.”

Estee Lauder — The makeup company saw its shares rise 7.5% in midday trading after it reported a surprise fiscal second-quarter sales gain instead of the decline it had expected. Estee Lauder said stronger Asia-Pacific and online sales drove the revenue gain. Second-quarter sales in the Americas dropped to $1.05 billion from $1.23 billion a year ago.

— CNBC’s Yun Li, Maggie Fitzgerald and Jesse Pound contributed.