Stocks making the biggest moves midday: FedEx, Coinbase, Aon, General Mills and more
Check out the companies making headlines in midday trading. Alphabet — Shares of the Google parent company climbed 1.2% and reached a fresh 52-week high. A day earlier, The Information , citing a source familiar with the situation, reported that the company plans to reorganize a large part of its ad sales unit. Aon — The professional services firm slid more than 6% after announcing it will acquire insurance broker and retirement plan advisory firm NFP. Aon will acquire the company in a deal funded by $7 billion of cash and $6.4 billion in Aon stock. Coinbase , Riot Platforms — Bitcoin leapt 3.7%, lifting a swath of crypto-linked stocks. Shares of Coinbase, the crypto exchange, jumped 0.4%. MicroStrategy advanced 0.3%, while Riot Platforms fell 1.3%. CRISPR Therapeutics — Stock in the Swiss biotechnology company pulled back more than 9%. The decline occurred a day after CRISPR disclosed in a regulatory filing that chief medical officer Phuong Khanh Morrow will be resigning, effective Jan. 26. General Mills — The food products stock fell more than 3% after General Mills lowered its sales outlook for the full year. Revenue for the fiscal second quarter was also weaker than expected, coming in at $5.14 billion. Analysts surveyed by LSEG, formerly known as Refinitiv, were anticipating $5.35 billion. FedEx — FedEx shares sank more than 12% after the package delivery behemoth cut its revenue outlook due to weaker demand. Late Tuesday, the shipping giant posted quarterly results that fell short of Wall Street’s expectations on the top and bottom lines. The company said it anticipates a low-single-digit decline in revenue for the fiscal year. That’s down from previous guidance calling for flat sales. Shares of rival shipping company UPS dropped 1%. Winnebago — Shares of the motorhome manufacturer stock fell 5.5% after Winnebago missed earnings expectations for the fiscal first quarter. The company reported $1.06 in adjusted earnings per share, while analysts surveyed by StreetAccount expected $1.18 per share. The company’s revenue fell about 20% year over year. Argenx — U.S. shares of the Netherlands-based biotechnology company tumbled more than 25%. The slide comes after the company’s therapy for an autoimmune condition that causes skin blistering did not show significant results in a late-stage trial. Marathon Digital — The cryptocurrency mining stock ticked up 0.5%, as bitcoin rallied. The action comes a day after Marathon said it would acquire two operational bitcoin mining sites for a total of $178.6 million. — CNBC’s Jesse Pound, Pia Singh, Alex Harring and Samantha Subin contributed reporting. This post has been syndicated from a third-party source. View the original article here.
