Stocks making the biggest moves midday: Meta, Spotify, T-Mobile and more

Here's a look at the stocks making headlines in midday trading on Thursday, Feb. 3.

Meta — The Facebook parent company's stock tanked 25%, wiping out more than $200 million in market cap, after Meta reported weaker than expected earnings and user numbers for the fourth quarter. Facebook also issued disappointing revenue guidance and said that Apple's privacy policy and the rise of TikTok were hurting its advertising business.

Spotify — The music streaming stock dropped 16% after its user growth guidance for the first quarter failed to impress Wall Street. Spotify said it expected 418 million active users for the first quarter, roughly in-line with estimates according to FactSet's StreetAccount. The company did report higher revenue and a smaller loss per share than expected for the fourth quarter, but it's also embroiled in a controversy over its exclusive relationship with podcast host Joe Rogan.

Pinterest, Snap, Twitter — Shares of social media companies fell after Facebook-parent Meta Platforms reported lower-than-expected users in the fourth quarter. Snap sunk 21%. Pinterest lost 9%, and Twitter fell about 6%.

T-Mobile — Shares of the telecom company jumped nearly 10% after the company issued rosy guidance. The company said it expects free cash flow to grow about 30% year over year in 2022. T-Mobile did miss revenue estimates for the fourth quarter, however.

Merck — The pharmaceutical stock dropped more than 3% after Merck's fourth-quarter earnings report. The company beat estimates for earnings and revenue, but the company's full-year guidance fell short of expectations, according to FactSet's StreetAccount.

McKesson — The medical supply stock jumped more than 4% after McKesson beat estimates on the top and bottom lines for its fiscal third quarter and delivered upbeat guidance. McKesson's revenues rose 10% year over year, powered by growth in pharmaceuticals.

DXC Technology — The information technology stock surged 13% after the company delivered a slight earnings beat for its fiscal third quarter. DXC also said that it planned to spend $1 billion on stock buybacks over the next year.

Honeywell — Shares of the conglomerate fell more than 5% to hit a new 52-week low after a quarterly revenue miss due to supply chain issues and other factors. Honeywell also reported adjusted quarterly earnings of $2.09 per share, beating estimates by a penny, according to Refinitiv.

Align Technology — The dental products stock shed 1.5% despite beating estimates for earnings and revenue. The company issued results Wednesday. Investment firm Piper Sandler said in a note that weak results for Invisalign cases and margin guidance could be contributing to the stock's performance.

Eli Lilly — Shares of the pharmaceutical giant ticked 2.7% lower despite the company beating on the top and bottom lines of its quarterly results. Eli Lilly's earnings were boosted by a jump in sales of the Trulicity diabetes drug and Covid-19 therapies.

Biogen — Shares of the biotech company dipped more than 2% despite the company beating estimates on the top and bottom line for the fourth quarter. The company's earnings and revenue guidance for 2022 came in short of estimates, however, according to FactSet's StreetAccount.