Stocks Making the Biggest Moves Midday: Qualcomm, EBay, GameStop and More

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Here are the stocks making notable moves in midday trading Thursday.

Qualcomm – The chipmaker stock slipped 8.8% after the company posted disappointing sales and issued a warning about more supply-chain constraints in the first half of the year. Qualcomm's revenue came in at $8.23 billion, adjusted, versus $8.27 billion estimated by Refinitiv. Its earnings per share were better than expected, however.

EBay – Shares of the online marketplace operator jumped more than 5% to a record high following an earnings beat. EBay reported an earnings per share of 86 cents, 3 cents higher than analysts' expectations according to Refinitiv. The company also increased its quarterly dividend by 13% and added $4 billion to its share buyback program.

GameStop — The video game retail stock resumed its slide on Thursday, dropping 42%. The decline despite Robinhood further easing trading restrictions on the volatile security.

Clorox — Shares of the cleaning products company fell 6.3% despite a better-than-expected second quarter report. Clorox earned $2.03 per share on $1.84 billion in revenue. Analysts surveyed by Refinitiv were expecting $1.78 per share and $1.75 billion in revenue. The company said it expected its gross margin to shrink slightly for its full fiscal year.

Canada Goose – Shares of the Canadian parka maker soared 22% after a stronger-than-expected quarterly report. Canada Goose beat estimates for earnings and revenue in the fourth quarter, according to Refinitiv. The strong results were boosted by a surge in online sales and increased demand in China.

PayPal Holdings – Shares of the payment company gained more than 7% after PayPal beat top and bottom line estimates during the fourth quarter. The company earned $1.08 per share on an adjusted basis, which was ahead of the expected $1 per share profit. Revenue came in at $6.12 billion, ahead of the estimate for $6.09 billion. The company was helped by the pandemic-driven surge in online shopping.

GrubHub – Shares of the food delivery service company slid 3.3% following GrubHub's quarterly results, which missed analyst expectations on the top and bottom line. The company lost an adjusted 41 cents per share during the fourth quarter, while revenue came in at $504 million. Consensus estimates were for a 5-cent profit and $506 million in revenue, according to Refinitiv.

Align Technology — Shares of the dental technology company soared more than 12% after reporting strong quarterly earnings. Align reported $2.61 in adjusted earnings per share on $835 million in revenue. Wall Street expected $2.14 earnings per share on $794 million in revenue, according to Refinitiv. Align's fourth quarter revenue was up 28.4% year-over-year.

Tapestry — The apparel stock gained 4.6% after Tapestry beat expectations on the top and bottom lines for its fiscal second quarter. The company reported $1.15 in adjusted earnings per share on $1.69 billion in revenue. Analysts surveyed by Refinitiv were looking for $1.01 in earnings per share and $1.63 billion in revenue.

Merck — Shares of the pharmaceutical company dropped 1.7% after missing on the top and bottom lines of its quarterly earnings. Merck reported earnings of $1.32 per share, missing Wall Street estimates by 6 cents. Revenue came in at $12.51 billion, below the $12.68 billion forecast by analysts, according to Refinitiv. Merck also announced its CEO Kenneth Frazier will step down on June 30, replaced by CFO Robert Davis

L Brands — The apparel stock surged 9.4% after L Brands raised its earnings guidance for its fiscal fourth quarter, citing strong January results. The company now projects earnings per share between $2.95 and $3.00 per share, up from a prior range of $2.70 to $2.80 per share.

Clover Health Investments — The health care stock fell more than 12% after a negative report from short-seller Hindenburg Research accused the company of not disclosing an investigation by the Department of Justice. CNBC has not independently verified the claims made in the report.

— CNBC's Maggie Fitzgerald, Yun Li and Pippa Stevens contributed to this story.

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