Stocks making the biggest moves midday: Microsoft, Alphabet, Waste Management and more

Published Wed, Oct 25 202312:51 PM EDTUpdated Wed, Oct 25 20234:14 PM EDT

Check out the companies making headlines in midday trading. Microsoft — Shares jumped 3% as investors cheered the Xbox maker's fiscal first-quarter results released Tuesday. Microsoft posted almost 13% year-over-year revenue growth, and its Azure cloud segment saw revenue gain 29% for the quarter. The Windows software maker also posted a rise in profit due to slower operating expense growth. Alphabet — Shares of the Google parent dropped 9.5%, putting it on pace for the worst day in nearly a year, after the dominant search engine owner reported cloud revenue that missed analysts' expectations. Norfolk Southern — The freight railroad dropped 5.3% on the back of disappointing third-quarter earnings. Norfolk Southern earned $2.65 per share, excluding items, while analysts polled by LSEG, formerly known as Refinitiv, estimated a profit of $2.69 per share. Revenue was about in line with expectations. General Dynamics — Shares of General Dynamics rose 4% after the defense contractor's third-quarter earnings and revenue topped estimates. General Dynamics posted earnings of $3.04 per share on revenue of $10.57 billion against analyst estimates of $2.91 in earnings per share and $10.05 billion in revenue. Snap — Shares of the social media company slid 5.4% midday. The stock soared as much as 20% postmarket Tuesday after Snap beat third-quarter estimates but pulled back after management highlighted that the war in the Middle East could impair advertiser spending. Gap — The apparel retailer popped 5.2% midday. Wells Fargo upgraded Gap to overweight, saying the stock is near an inflection point as it improves costs. Boeing — Shares of the passenger plane maker fell 2.5% after a mixed earnings report. The company reported a quarterly revenue beat but a wider-than-expected loss. The aircraft maker raised its 787 Dreamliner production forecast to five per month from four, but trimmed its 2023 guidance for 737 Max deliveries, which was widely expected. Deutsche Bank — The U.S.-listed shares of the German bank advanced 7.4% after Deutsche Bank beat third-quarter net profit expectations. CoStar Group — Shares dropped 4.4% after the commercial real estate company's fourth-quarter earnings and revenue guidance missed expectations, according to consensus estimates on FactSet. Waste Management — The stock added 6.1% midday after saying it expects 2023 free cash flow of $1.825 billion to $1.925 billion, above previous guidance of between $1.675 billion and $1.775 billion. Texas Instruments — The stock slid 3.5% after its fourth-quarter guidance came in far below estimates. The semiconductor manufacturer sees earnings per share between $1.35 and $1.57, versus the $1.76 expected by analysts polled by FactSet. The stock's third-quarter revenue also disappointed investors, coming in at $4.35 billion, versus the $4.58 billion estimated by analysts polled by LSEG. — CNBC's Lisa Kailai Han, Fred Imbert, Hakyung Kim and Yun Li contributed reporting.