Finance

Stocks making the biggest moves midday: Victoria’s Secret, Tesla, Didi and more

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Scott Mlyn | CNBC

Check out the companies making headlines in midday trading Wednesday.

Victoria’s Secret — Shares of Victoria’s Secret jumped more than 10% after the intimate apparel retailer announced a $250 million accelerated share repurchase program. The company also reaffirmed fourth-quarter guidance provided in November, including an up to 3% increase in sales versus last year’s fourth-quarter sales of $2.10 billion.

Didi Global — Shares of the Chinese ride-hailing firm fell 7.8%, continuing a brutal month for the stock. Reuters reported Wednesday that Didi is planning to list its stock in Hong Kong in mid-2022 without issuing more shares or raising additional capital.

Tesla — Tesla shares dipped 1.2% after financial filings published late Tuesday showed CEO Elon Musk sold another 934,090 shares — or about $1.02 billion worth of his holdings — in the electric car company.

Alibaba — Alibaba shares fell 3% after Bloomberg reported the Chinese e-commerce giant is considering the sale of its 30% stake in social media company Weibo to state-owned Shanghai Media Group. Weibo shares retreated 4.3%.

American Airlines — Travel-related stocks struggled after rebounding in the previous session, as the omicron Covid variant continued to influence market action. American Airlines and Alaska Air each pulled back more than 1%. United Airlines also slid around 1%.

Cal-Maine Foods — Shares of Cal-Maine Foods fell more than 4% after the egg producer reported weaker-than-expected quarterly results. The company earned 2 cents per share for its latest quarter, well short of the 30-cent Refinitiv consensus estimate. Higher production costs and feed costs bit into profit, Cal-Maine Foods reported.

— CNBC’s Tanaya Macheel and Jesse Pound contributed reporting

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