GameStop, Adobe, General Mills and more


The General Mills logo is displayed on a box of Raisin Nut Bran cereal at Scotty’s Market on September 20, 2017 in San Rafael, California.

Justin Sullivan | Getty Images News | Getty Images

Find out which companies are making headlines in the midday business.

Adobe – Shares of the computer software company fell 10% in midday trading. Adobe beat earnings, but reported a weak outlook. The company expects its business to be hit to the tune of $75 million by the Russian-Ukrainian 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% at midday. General Mills announced better than expected quarterly results and raised its outlook for the full year. The company earned an adjusted 84 cents per share, 6 cents above consensus estimates.

Poshmark – Online apparel market share rose 4.6% a day after the company reported a slightly lower-than-expected loss and beat revenue in the last quarter. Poshmark also announced weaker than expected forecasts for the current quarter, which led to an initial decline in shares.

Winnebago – Shares of the recreational vehicle maker fell 10% at midday. Winnebago reported adjusted quarterly earnings of $3.14 per share, beating analysts’ consensus estimate of $2.94.

GameStop – The meme stock soared 13% in midday trading on Wednesday after GameStop President Ryan Cohen purchased an additional 100,000 shares on Tuesday. Cohen’s stake in the video game retailer rose to 11.9%.

Tilray Brands, Aurora Cannabis – Cannabis stocks surged midday 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 was buying TerraFarma in a C$38 billion deal. Tilray jumped 3.5% and Aurora Cannabis jumped 1%.

Okta – Okta shares fell more than 8% a day after the digital authentication company said it found no evidence of ongoing malicious activity following a hacking breach information system which affected 366 customers. Okta said the hackers were only granted limited access.

Boeing – The aerospace stock lost 2.4% on Wednesday, largely erasing Tuesday’s rebound, as investors continued to monitor the investigation into 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 of Mosaic Company jumped 2.7% in midday trading. The fertilizer stock continues to enjoy popularity among investors who see huge gains for the company from any shortages due to the Russian-Ukrainian conflict.

– CNBC’s Tanaya Macheel, Jesse Pound and Samantha Subin contributed reporting.


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