Stocks making the biggest moves midday: Walmart, Shopify, 3M, General Electric and more

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Check out the companies making headlines in midday trading Tuesday.

Walmart – Shares of Walmart slid more than 7% after the company cut its quarterly and full-year outlook, saying that inflation is shifting consumer spending towards essentials and away from things such as clothing and electronics. The news also dragged other retail stocks such as Target, Kohl's, Amazon and Costco lower.

Shopify – Shares dropped 15.8% after the e-commerce company said it is laying off about 1,000 employees, or roughly 10% of its workforce. Shopify cited a pullback in online spending after a pandemic boom.

3M–3M jumped 6.2% after the company posted quarterly earnings that beat Wall Street's expectations. The company also announced Tuesday that it will spin off its health-care business into its own publicly traded entity.

General Electric – General Electric climbed more than 6% after the industrial giant posted a beat in quarterly earnings. The company's quarterly profit and cash flow were higher after a recovery in aviation fueled its jet engine business.

General Motors –The automaker's stock dropped 3.4% after the company reported second-quarter earnings that missed Wall Street's estimates. GM was unable to ship nearly 100,000 vehicles by quarter-end due to parts shortages. GM also confirmed that it has secured the battery materials needed to build 1 million EVs a year by 2025.

Coinbase — Coinbase shares dropped 15% after Bloomberg News reported that the company is facing a probe from the Securities and Exchange Commission regarding its listings of digital coins. A decline in crypto may also have weighed on the stock, with the price of bitcoin falling more than 4%.

Paramount – The media company dipped 3.6% after Goldman