Stocks making the biggest moves midday: GameStop, Adobe, General Mills and more
Check out the companies making headlines in midday trading.
Adobe — Shares for the computer software company tumbled 9.3%. Adobe beat earnings, but reported a weak outlook. The company expects a $75 million hit to its business from the Russia-Ukraine conflict. In the first quarter, Adobe beat estimates by 3 cents, reporting adjusted quarterly earnings of $3.37 per share.
General Mills — The food company's stock price jumped 2.5%. General Mills reported better-than-expected quarterly earnings and raised its full-year outlook. The firm earned an adjusted 84 cents per share, 6 cents more than consensus estimates.
Poshmark — Shares of the online clothing marketplace rose 2.5% a day after the firm reported a slightly smaller-than-expected loss and beat on revenue in the recent quarter. Poshmark also reported weaker-than-expected guidance for the current quarter, which led shares to initially slide.
Winnebago — Shares for the recreational vehicle maker plummeted 11.8%. Winnebago reported adjusted quarterly earnings of $3.14 per share, beating consensus estimates of $2.94 from analysts.
GameStop — The meme stock skyrocketed 14.5% Wednesday after GameStop Chair Ryan Cohen on Tuesday bought an additional 100,000 shares. Cohen's stake in the video game retailer expanded to 11.9%.
Tilray Brands, Aurora Cannabis — Cannabis stocks jumped after two major acquisitions were reported in the industry. Cresco Labs will acquire Columbia Care in a $2 billion deal, according to Reuters. Aurora Cannabis said it is purchasing TerraFarma in a C$38 million cash-and-stock deal. Tilray spiked 3.5%, and Aurora Cannabis jumped 1%.
Okta — Shares of Okta fell more than 10.7% a day after the digital authentication company said it found no evidence of ongoing malicious activity following a hacker breach that affected 366 customers. Okta said hackers gained only limited access.
Boeing — The aerospace stock lost 2.6% on Wednesday, mostly erasing Tuesday's rebound, as investors continued to monitor the investigation of a plane crash in China. One of the two black boxes from the flight, which could reveal the reason for the crash, has been found, according to Chinese state media.
Mosaic Company — Shares for Mosaic Company popped 3.4%. The fertilizer stock continues to enjoy popularity among investors who see huge gains ahead for the company following any shortages from Russia-Ukraine conflict.
— CNBC's Tanaya Macheel, Jesse Pound and Samantha Subin contributed reporting.
Correction: Aurora Cannabis is purchasing TerraFarma in a C$38 million cash-and-stock deal, with additional amounts payable on contingent. An earlier version of the story gave the incorrect purchase amount.