Stocks

Stocks making the biggest moves midday: Alphabet, Spotify, GameStop, Amgen & more

The logo of Alphabet Inc’s Google outside the company’s office in Beijing, China, August 8, 2018.

Thomas Peter | Reuters

Check out the companies making headlines in midday trading. 

Alphabet – Shares of the Google-parent company jumped more than 7% after Alphabet reported quarterly results that beat analyst expectations on the top and bottom line. The company earned an adjusted $22.30 per share on $56.90 billion in revenue during the fourth quarter. The Street was expecting $15.90 per share and $53.13 billion in revenue, according to estimates compiled by Refinitiv. Alphabet’s revenue grew 23% on an annualized basis amid a recovery in ad spending.

Spotify – The music-streaming company’s shares slid by about 9% after Spotify reported a wider-than-expected loss for the prior quarter. During the fourth quarter the company lost 66 cents per share, compared to the 55-cent loss expected by analysts surveyed by Refinitiv. Revenue came in at $2.17 billion which slightly surpassed the expected $2.15 billion. Spotify said premium subscribers jumped 24% year over year.

GameStopThe brick-and-mortar gaming retailer’s shares were up by about 6% in midday trading, as the stock price hovered just below $100. It’s been a wild ride for GameStop shares, which enjoyed a 400% increase last week – only to crater by 70% this week.

Electronic Arts – Shares of the video game company fell more than 6% even after the company raised its annual sales forecast. Earnings came in at 72 cents per share, which wasn’t comparable to estimates. Electronic Arts made $2.4 billion in revenue, slightly more than a Refinitiv forecast of $2.39 billion. Analysts said that investors may have been anticipating stronger results and a more upbeat forecast, given the strength of the market and the stock’s recent rise.

Chipotle – Shares of the fast-food Mexican chain dropped more than 2% after the company missed analyst expectations for its quarterly earnings and digital orders eased from their record pace. Chipotle earned $3.48 per share, missing estimates of $3.73 per share, according to Refinitiv. Revenue came in in-line with estimates at $1.61 billion.

Amgen — Shares of Amgen fell about 3%, becoming the biggest loser in the Dow Jones Industrial Average as of midday trading. The weakness came after the biotech firm issued a disappointing full year outlook, noting that the pandemic would continue to hurt sales.

Biogen — Shares of the biotech company dipped 4% following a fourth-quarter report that missed expectations. Biogen reported $4.58 in adjusted earnings per share, below the $4.87 anticipated by Wall Street analysts. The company also said it expected revenue and earnings to decline in 2021. Fourth-quarter revenue did beat expectations, however.

– CNBC’s Maggie Fitzgerald, Pippa Stevens, Darla Mercado and Jesse Pound contributed reporting.

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