Stocks making the biggest moves midday: META, GIS, DDOG, SNDK
Check out the companies making the biggest moves midday: Meta Platforms — Shares of the social media giant surged 11% on news that Meta is building out a new cloud business . The company will sell its excess artificial intelligence computing power to outside customers, CNBC confirmed. Bloomberg first reported the news. General Mills — The maker of Bisquick and Cheerios jumped more than 6%. General Mills posted fourth-quarter adjusted earnings of 95 cents a share on revenue of $4.61 billion, topping the FactSet consensus call for 80 cents per share and $4.59 billion in revenue. The company also announced plans to generate $3 billion in cumulative cost savings through fiscal year 2030. Progress Software — Shares rallied more than 18% after the company reported second-quarter results that beat expectations. Progress earned an adjusted $1.62 per share on revenue of $253.5 million. Analysts expected a profit of $1.49 per share on revenue of $242.7 million. Earnings guidance for Q3 also topped estimates. Datadog — The cloud stock gained more than 2% after Datadog disclosed it acquired Adaptive ML, an AI startup that works on the deployment of specialized agents. The terms of the acquisition were not disclosed. Nike — The apparel company rose more than 4%, reversing an earlier decline, as fiscal fourth-quarter results topped analyst expectations despite a 12% year-over-year drop in China sales. Shutterstock , Getty Images — The stocks tumbled after Getty called off a proposed merger with Shutterstock due to demands from a U.K. regulator . Shutterstock fell sharply, off nearly 30%, while Getty declined 6%. Alcoa — The aluminum company fell 9% after it announced a definitive agreement to acquire some of South32’s, a mining and metals company, assets. Totaling $4.1 billion, the transaction will see Alcoa acquire South32’s bauxite, alumina and aluminum portfolio. Salesforce , ServiceNow — Shares of the software companies were up after Guggenheim upgraded both to buy, believing that artificial intelligence won’t be a death knell for the companies and attractive valuations in the stocks. ServiceNow rose more than 6%, while Salesforce was up 5%. Bloom Energy — The stock was up more than 2% after it announced an expanded partnership with investment firm Brookfield to finance power for artificial intelligence infrastructure projects. Bloom said in a press release the expansion shows sustained demand from AI infrastructure developers. Sandisk , Micron Technology — Shares of the memory players were lower in the first day of trading for the third quarter, after both more than tripled in the second quarter that concluded on Tuesday. Sandisk tumbled 9%, while Micron was off about 8%. — CNBC’s Darla Mercado and Fred Imbert contributed reporting.
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