Market Insider

Stocks making the biggest moves midday: FedEx, Viacom, Tencent Music

Traders work on the floor of the New York Stock Exchange Friday morning on Feb. 9, 2018 in New York City.
Spencer Platt | Getty Images

Check out the companies making headlines midday Wednesday:

FedEx — Shares of FedEx dropped 5.14 percent after the company reported lower-than-expected third-quarter earnings and reduced its earnings outlook for fiscal year 2019. The company reported earnings of $3.03 per share, 8 cents below a Refinitiv estimate. FedEx also reported declining international revenue due to unfavorable exchange rates and trade conditions.

General Mills —General Mills rose 3.46 percent after its third-quarter earnings beat estimates. The food company reported earnings of 83 cents per share, 14 cents above a Refinitiv forecast. General Mills also raised its earnings outlook for the 2019 fiscal year.

UBS Group — Shares of Swiss bank UBS dropped 2 percent after its chief executive spoke before a conference in London this morning. CEO Sergio Ermotti said the bank will cut an extra $300 million from 2019 costs after investment banking revenue plunged and stressed that investment banking conditions are among the toughest in years.

Nevro — Nevro shares skyrocketed more than 30 percent after the medical device company announced its CEO Rami Elghandour was stepping down from his post. Investors also cheered the company's revenue guidance for 2019.

Smartsheet — Smartsheet shares rose more than 3 percent after the software company reported a loss of 7 cents a share, which is better than the FactSet estimate of a 14 cent loss. The company also issued better-than-expected revenue guidance for the first quarter and for fiscal 2020.

AAR — AAR fell more than 4 percent after the aerospace maintenance company cut its fiscal-year earnings guidance. The company now expected earnings for fiscal 2019 to range between $2.50 and $2.57 per share, down from about $2.80.

Tencent Music Entertainment — Shares of the music streaming service fell 8 percent amid concerns the company could struggle amid rising licensing and production costs. The worries overshadowed better-than-expected quarterly revenue numbers.

Viacom — Shares of the media company fell more than 5 percent after warning that DirecTV could drop its channels if a new contract isn't reached by a midnight Friday deadline. Viacom — which owns MTV, Nickelodeon, and Comedy Central — has accused AT&T, which owns DirecTV, of abusing its powers after buying Time Warner Inc. Viacom's stock is now on pace for its worst week since early December.

—CNBC's JR Reed, Nadine El-Bawab and Matt Lavietes contributed to this report.