Stocks making the biggest moves midday: Activision Blizzard, Goldman Sachs, Peloton, Moderna and more
Check out the companies making headlines in midday trading.
Activision Blizzard — The video game giant saw its shares soar by about 27% after it announced Microsoft will buy it in a $68.7 billion all-cash deal, Microsoft's largest acquisition to date. Activision CEO Bobby Kotick, who has faced calls to resign over cultural problems within the company, will remain CEO during the transition. Gaming companies Electronic Arts and Take-Two Interactive also rose about 6% and 5%, respectively, and were among the top gainers in the S&P 500. Microsoft shares fell more than 1%.
Goldman Sachs — Shares of the investment bank dropped 8% following disappointing quarterly results, dragging down the major averages. Goldman posted fourth-quarter profit below analysts' expectations as the bank's operating expenses surged 23% on higher pay for Wall Street workers and increased litigation reserves. Other large banks fell Tuesday as well after reporting rising expenses for the quarter. Morgan Stanley dropped about 5% while JPMorgan was off roughly 4%. Citi slid about 2%.
Bank of New York Mellon — The bank's stock fell about 2% despite reporting quarterly earnings that exceeded Wall Street analysts' expectations. BNY Mellon reported $1.04 per share in its most recent quarterly earnings, compared with estimates of $1.01 cents. Revenue came in at $4.02 billion, versus expectations of $3.98 billion.
BlackRock — The asset manager saw its shares fall by more than 2% after its CEO, Larry Fink, fired back at accusations that it uses its position to influence a politically correct agenda. In his annual letter. Fink said stakeholder capitalism isn't about politics and is «not woke.»
Charles Schwab — The brokerage's stock slid more than 5% after the
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