Market Insider

Stocks making the biggest moves midday: Facebook, Ford, eBay and more

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Check out the companies making headlines in midday trading.

Ford — Shares of the automaker fell 9.4% on Thursday after Ford said it expected to lose half of its second-quarter production due to the global semiconductor shortage. The company did beat expectations on the top and bottom lines for the first quarter.

Facebook — The social network saw its stock pop 7.3% in midday trading after it reported first-quarter revenue of $26.17 billion, a 48% increase compared with a year prior, thanks to pricier ads. Facebook also reduced its forecast for capital expenditures for the year to between $19 billion and $21 billion.

Uber, Lyft— Shares of the ride hailing companies dipped after Labor Secretary Marty Walsh said most gig workers in the U.S. should be classified as employees, Reuters reported. Uber dropped 6% and Lyft tumbled 9.9%.

Caterpillar — Shares of the global machinery manufacturer dropped 2.1%, even after it reported better-than-expected sales and earnings for the first quarter. The stock appeared to come under pressure after CEO Jim Umpleby suggested that global supply-chain issues, including the semiconductor shortage, could make it tougher for the heavy-equipment maker to meet recovering demand this year.

Qualcomm — Qualcomm shares advanced 4.5% after the chipmaker reported that revenue grew 52% on an annualized basis in the three months ended March 28. The company reported adjusted per-share earnings of $1.90 versus the $1.67 expected by analysts surveyed by Refinitiv.

Cheesecake Factory — Shares of the restaurant chain gained about 7.1% after reporting an adjusted quarterly profit of 20 cents per share, while analysts expected a loss of 6 cents per share, according to Refinitiv. Revenue also topped expectations.  

Spotify — The streaming company's share price rose 2.1% after Pivotal upgraded it to buy from hold. Spotify cratered 12% on Wednesday after the first-quarter report showed slower-than-expected growth for monthly active users. However, Pivotal analyst Jeffrey Wlodarczak said the company was still set up for strong growth in the years ahead.

eBay — Shares of the e-commerce company tanked 10% after giving disappointing current quarter guidance. EBay beat on the top and bottom lines of its quarterly results.

Merck & Co. — The pharmaceutical stock shed 4.4% after Merck's first-quarter results came in below expectations. The company reported $1.40 in adjusted earnings per share on $12.08 billion in revenue for the quarter. Analysts surveyed by Refinitiv were looking for $1.63 in earnings per share on $12.66 billion in revenue.

DISH Network — The television stock rose 8.3% after Dish trumped expectations for the first quarter. The company earned 99 cents per share, which is 18 cents higher than analysts had penciled in, according to Refinitiv. Revenue beat expectations as well, as the decline in TV subscribers slowed.

Comcast Shares of the NBCUniversal and CNBC parent jumped 4.3% after beating estimates, reporting adjusted quarterly earnings of 76 cents per share, according to Refinitiv. Revenue also topped expectations.

Generac — Shares of the generator maker popped 6.7% after the company beat on the top and bottom lines of its quarterly results. Generac reported EPS of $2.38 on revenue of $807 million. Analysts expected EPS of $1.87 on revenue of $729 million, according to Refinitiv.

Bristol-Myers Squibb — Shares of the pharmaceutical company dropped 4.8% after missing on the top and bottom lines of its quarterly results. Bristol-Myers Squibb reported earnings of $1.74 per share, compared to the $1.82 per share estimate, according to Refinitiv. Revenue came in at $11.07 billion, lower than the forecast $11.12 billion.

— with reporting from CNBC's Jesse Pound and Tom Franck.