Stocks making the biggest moves midday: Alphabet, PayPal, General Motors, AMD & more

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Check out the companies making headlines in midday trading Wednesday.

Alphabet – Shares of Alphabet popped 8.6% after the Google parent posted blowout quarterly results and announced a 20-for-1 stock split. Alphabet beat analyst estimates for every major metric, except for YouTube advertising revenue; the company reported a profit of $30.69 per share in the fourth quarter, compared with the Refinitiv consensus estimate of $27.34.

PayPal – PayPal plunged 25.9% after issuing disappointing guidance for the current quarter — which it blamed on inflation — and missing bottom-line forecasts by a penny per share. The payments giant also pointed to challenges with the transition of former owner eBay to its own payments platform.

General Motors – GM shares fell 2.6% after a mixed quarterly report. The automaker posted adjusted quarterly earnings of $1.35 per share, 16 cents higher than the Refinitiv consensus estimate. However, GM's revenue fell short of Wall Street expectations.

Advanced Micro Devices – AMD shares added 5.9% after the chipmaker beat earnings expectations. The company posted an adjusted quarterly profit of 92 cents per share, topping the Refinitiv consensus estimate by 16 cents. AMD also forecast better-than-expected full-year revenue, as demand remains strong for its data center chips.

Capri Holdings –Shares of the company behind Michael Kors and other luxury brands jumped 6.1% after a stronger-than-expected earnings report. Capri reported adjusted earnings of $2.22 per share for the last quarter, beating the Refinitiv consensus estimate of $1.69 per share. The company also hiked its profit forecast as demand for handbags and apparel remains strong.

Boston Scientific – Shares of the medical