Stocks making the biggest moves midday: Sonos, Cisco Systems, Alibaba, Walmart and more

by | Nov 16, 2023 | Financial

Check out the companies making headlines in midday trading. Sonos — The stock climbed 17% after Sonos CEO Patrick Spence said the company is entering a multiyear product cycle that will include an entry “into a new multi-billion dollar category” in the second half of fiscal 2024. Macy’s — Shares of the department store chain popped more than 6% on the back of better-than-expected quarterly results. Macy’s also said margins and inventory levels improved during the third quarter. General Motors — General Motors shares dipped more than 1% in midday trading. The move comes after union workers on Thursday said it ratified a record deal with the United Auto Workers. Alibaba — The U.S-listed shares of Alibaba dropped more than 8% after the Chinese internet company scrapped plans for a spin-off of its cloud business, citing the “recent expansion of U.S. restrictions on export of advanced computing chips.” Williams-Sonoma — The seller of kitchenware and home goods gained 4.8%. Williams-Sonoma on Thursday reported a record operating margin of 17% in the third quarter, signaling a healthy return on sales for the company. Its adjusted earnings of $3.66 per share came ahead of the FactSet consensus estimate of $3.33 per s …

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