Stocks making the biggest moves midday: CrowdStrike, Horizon Therapeutics, Petco and more

Check out the companies making headlines in midday trading.

CrowdStrike — Shares dropped 19% after the cybersecurity provider said new revenue growth is weaker than expected. Otherwise, CrowdStrike beat estimates on the top and bottom lines in its most recent quarterly results. Stifel downgraded the stock to hold from buy after the earnings report.

Horizon Therapeutics — The pharmaceutical company’s shares soared 26% after Horizon said it was in preliminary talks about a possible sale with several large pharma companies, including Amgen, Sanofi and Johnson & Johnson’s Janssen Global Services unit.

Petco — Shares of Petco jumped 12% after reporting third-quarter revenue that was slightly above Wall Street estimates. The pet product retailer’s comparable store sales rose 4.1%, above a StreetAccount estimate of 3.5%. Its adjusted EPS was in-line with expectations.

Workday — Shares of Workday jumped 12% after the company posted earnings results Tuesday that beat Wall Street expectations. The software vendor beat on both top and bottom lines with adjusted earnings per share of 99 cents on $1.6 billion in revenue. Analysts estimated adjusted earnings per share of 84 cents and $1.59 billion in revenue, per Refinitiv.

State Street — Shares of State Street rose nearly 5% after the bank announced it has mutually agreed with Brown Brothers Harriman & Co. to terminate its proposed acquisition of BBH’s Investor Services business. State Street said it has determined that the regulatory path forward would involve further delays, and necessary approvals have not been resolved.

NetApp — The cloud computing company’s shares dropped more than 9% after NetApp reported quarterly results, including a miss on revenue estimates. The company forecasted weak earnings guidance and even weaker revenue guidance for the full year.

Hormel — Shares of the food producer slid 4% after the company reported mixed financial results for its most recent quarter. Though earnings beat Wall Street estimates, revenue came up short. Hormel also issued a weaker-than-expected outlook.

DoorDash — The food delivery service operator saw shares rise more than 4% following news that the company will lay off 1,250 corporate employees, according to a message sent by CEO Tony Xu to employees Wednesday. The layoffs are part of a continued cost-cutting effort driven by tapering growth and overhiring. It had 8,600 corporate employees as of Dec. 31, 2021.

Biogen — Shares rose more than 3% after a new study on Biogen and Eisai’s experimental Alzheimer’s drug showed promising results. Esai also said it believes two deaths in the trial of the drug could not be attributed to the treatment. Biogen stock fell earlier in the week when the report of the second death first surfaced.

Hewlett Packard Enterprise — Shares of Hewlett Packard Enterprise rose more than 4% after the tech company reported beats on the top and bottom lines for the most recent quarter. It also issued strong revenue guidance.

— CNBC’s Sarah Min, Carmen Reinicke and Michelle Fox contributed reporting