Stocks making the biggest moves midday: SoFi, McDonald's, Western Digital, ON Semiconductor and more
Check out the companies making headlines in midday trading.
SoFi Technologies — Shares seesawed as traders digested the company's latest quarterly results. SoFi posted a massive third-quarter revenue beat and raised its outlook for the full year. The company reported $531 million in revenue, exceeding an LSEG estimate of $512.1 million. Its revenue was boosted by higher-than-expected student loan originations for the quarterly period, SoFi said. Shares were last down 1%. They were up as much as 14%.
McDonald's — Shares gained 2.3% after the company beat on both top and bottom lines for the third quarter. Global same-storesales grew 8.8% in the quarter, topping analysts' estimates. Although McDonald's recorded a dip in U.S. traffic, the company's U.S. same-store sales rose 8.1%.
General Motors, Stellantis — Shares of the two automakers fell slightly Monday as the autoworkers strike appeared to be coming to a close. Stellantis reached a deal with the union on Saturday, while GM made an agreement Monday, sources told CNBC. Shares of Ford, which struck a deal last Wednesday, were down 2%.
Spirit Realty Capital — The real estate investment stock popped 6.6% after announcing it would be acquired by Realty Income for $9.3 billion in an all-stock deal. Realty Income shares dropped 8%.
Western Digital — Shares of the data storage company jumped 6% after the company performed better than analysts polled by LSEG expected in the fiscal first quarter. Western Digital also announced it would create two independent, publicly traded companies for data storage in the hard drive and flash markets.
ON Semiconductor — The stock plummeted 18% after the company's current-quarter guidance underwhelmed Wall Street. ON said to expect between
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