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McCormick cuts outlook, General Mills tops earnings estimates, Shopify stock split goes into effect

In this article:
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Yahoo Finance’s Ines Ferre joins the Live show to break down how stocks are moving in intraday trading.

Video transcript

INES FERRE: And Brian, taking a look right now at the NASDAQ 100, we want to show you some of the mega caps that are seeing some green. You've got Microsoft, Amazon that's higher. Meta's also higher. Taking a look at the sector action, we're watching communication services, technology, energy stocks. These are in the green right now. I do want to point out some trending tickers on our Yahoo Finance page, one of them being McCormick. That's the Spacemaker.

Down almost 3% after the company cut its full year outlook, also, its sales came in below expectations. And gross profit margin came in below expectations. That decline, that's because of high material costs, high transportation costs. Also, another company that reported its quarterly results, this being General Mills, a different story here, up more 4 1/2% after beating on the top and the bottom line. Its sales outlook came in better than expected, also having challenges with these higher costs but being able to pass those higher costs onto the consumer.

And then taking a look at Shopify, this is down more than 2%. Shopify had its stock split, that 10 for one stock split. So you're seeing the stock right now at $34 a share. This is more of a cosmetic move when companies do this, but this stock had seen its all time highs back before it had split at $1,760, $1,760, back in November of last year. Down 80% to over $300 before it had this stock split, and right now, it's down slightly.

But just to show you that these growth stocks that have been doing stock splits recently, you had Amazon recently, you've got Alphabet next month, the reception hasn't been the way it was, for example, when Apple did theirs, or Tesla did theirs during the pandemic, guys.

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