Home BusinessFinance Stocks making the biggest moves midday: Twitter, Tilray, Under Armour, Lyft, GM & more

Stocks making the biggest moves midday: Twitter, Tilray, Under Armour, Lyft, GM & more

Stocks making the biggest moves midday: Twitter, Tilray, Under Armour, Lyft, GM & more

A photo illustration shows the suspended Twitter account of U.S. President Donald Trump on a smartphone at the White House briefing room in Washington, U.S., January 8, 2021.

Joshua Roberts | Reuters

Check out the companies making headlines in midday trading. 

General Motors – Shares of the legacy automaker dropped about 3.5% after the company warned that a global semiconductor shortage could take a major bite out of its earnings in 2021. GM’s fourth-quarter results beat expectations on the top and bottom lines, but the company said that the chip shortage would cost the company $1.5 billion to $2 billion in the year ahead.

Twitter — Twitter’s shares rose about 7% after it said it continued to post strong user growth despite barring former President Donald Trump from the platform. Twitter, which Tuesday evening reported fourth-quarter earnings and revenues above what Wall Street expected, said it gained more daily users in January than the average number it has added in that month over the past four years even after banning Trump amid the Jan. 6 Capitol riots.

Lyft — The ride-sharing company’s stock price jumped more than 5% after the company’s fourth-quarter earnings topped Wall Street’s top- and bottom-line expectations. Lyft is also still on track to become EBITDA profitable by the fourth quarter, with a chance that could be achieved by the third quarter, CFO Brian Roberts said in the company’s earnings call.

Under Armour – Shares of the athleticwear company were up about 8% after Under Armour reported a surprise profit amid a pandemic-driven rise in consumer spending and interest in exercise and wellness. Under Armour earned 12 cents per share on revenue of $1.4 billion. Analysts polled by Refinitiv expected a loss of 7 cents per share on revenue of $1.27 billion. The apparel company added it expects earnings to rise in the high-single digits this year.

Cisco — The technology stock slid more than 4% as the company’s fiscal second-quarter results showed signs of enduring struggles. The company’s leading product segment, infrastructure platforms, saw revenue decline down 3% year over year. Cisco also said it expects to return to growth in the next quarter, which will be longer than usual. Cisco’s earnings topped estimates, however, according to Refinitiv.

Tilray, Canopy Growth, Aphria, Aurora Cannabis — Shares of the cannabis companies popped on Wednesday as retail traders piled into the names with hopes the new administration decriminalizes the plant. Shares of Tilray gained 27%, Shares of Canopy Growth popped more than 3%, shares of Aphria gained approximately 7% and Aurora Cannabis rallied about 11%.

Match Group – Shares of the dating service company jumped more than 5% after Match Group said it is buying South Korea-based Hyperconnect for $1.725 billion in cash and stock. Hyperconnect is a social media company where users can connect through video and audio chats. The deal is expected to close in the second quarter.

Pacific Biosciences of California – The biotech stock soared more than 18% after Japanese investment firm Softbank bought $900 million of convertible debt in the company. The stock’s jump on Wednesday has already pushed the share price well above the initial conversion price of $42.50 per share. PacBio said the funds will be used for future growth initiatives.

International Flavors & Fragrances – The chemical company saw its stock jumping more than 6% after news that Sachem Head Capital Management added a roughly $1 billion stake. Reuters first reported the investment and CNBC’s Scott Wapner has confirmed the hedge fund’s new stake in the company.

– CNBC’s Maggie Fitzgerald, Pippa Stevens, Tom Franck and Richard Mendez contributed reporting.

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