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Stocks Making the Biggest Moves Midday: Coinbase, Virgin Galactic and More

Virgin Galactic

Here are the stocks making headlines in midday trading.

Coinbase — The crypto services company's stock jumped 5.4% in midday trading after reporting strong second-quarter results on Tuesday night for its second time as a public company. Coinbase earnings came in at $3.45 per share, beating Wall Street estimates, and revenue was $2.23 billion for the quarter, an increase from $178 million a year ago.

Virgin Galactic — Shares of the space exploration company dropped more than 13% after Morgan Stanley downgraded the stock to underweight. The investment firm said in a note that the stock would fall when the company enters a months-long period with no flights later this year.

WW International — Shares of the wellness company dropped 28% after WW missed second-quarter expectations on the top and bottom lines. The number of subscribers also came in below management projections. Investment firm Jefferies downgraded the stock to hold from buy after the report, saying that WW was facing a "near-term stall."

Nucor — The steelmaker's stock rose nearly 3%, making it a big winner for the second-straight day after the Senate passed a $1 trillion infrastructure. CNBC's Jim Cramer said Wednesday that the benefit from the bill was not yet priced into steel stocks.

NortonLifeLock — Shares of the cybersecurity company rose more than 8% after NortonLifeLock announced a deal to acquire Europe-based antivirus company Avast. The deal is worth more than $8 billion in cash and stock, according to the announcement.

Perrigo — The consumer health products stock sank over 12% after its second quarter report missed expectations. The company earned 50 cents per share during the period on $981 million in revenue. Analysts surveyed by Refinitiv were expecting 61 cents and $1.02 billion. The company said a "historically weak cough/cold season" hurt sales growth.

FuboTV — The streaming video stock surged 7.8% after fuboTV's second-quarter revenue beat expectations and the company hiked its guidance. The company said it ended the quarter with more than 681,000 subscribers, which is up 138% year over year.

Moderna — The pharmaceutical stock continued its trend of volatile trading since the delta variant spread widely in the U.S., falling nearly 15%. This would be the fifth day in August with a move of greater than 5% in either direction.

Canada Goose – Shares of the luxury outerwear maker dropped over 13% after the firm kept its conservative revenue outlook unchanged amid rising expenses and ongoing Covid disruptions. Canada Goose otherwise reported a stronger-than-expected quarter with an adjusted net loss per diluted share of 45 cents (Canadian), smaller than the 53 cent loss that analysts were anticipating, according to Refinitiv.

Wendy's — Shares of the fast food chain rose 2.6% on Wednesday after the company's second-quarter report came in better than expected. Wendy's earned an adjusted 27 cents per share on $493 million in revenue for the quarter. Analysts surveyed by Refinitiv were expecting 18 cents per share on $462 million in revenue.

Poshmark — Shares of the online fashion marketplace plunged more than 13% despite the company reporting better-than-expected second-quarter financial results. Poshmark posted a loss of 4 cents per share on revenue of $81.8 million versus analysts' estimate of a 6-cents per-share loss on revenue of $80.3 million. The company issued third-quarter venue guidance below Wall Street expectations and warned Apple's new privacy controls would hurt its business.

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