Midday Movers: Meta Platforms, McDonald's, Align Technology and More

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Midday Movers: Meta Platforms, McDonald's, Align Technology and More
Credit: © Reuters.

By Liz Moyer

Investing.com -- The Dow jumped on Thursday but the two other main indexes were weighed down by a battered tech sector. Here are the midday movers for Oct. 27:

  • Meta Platforms Inc (NASDAQ: META ) stock plunged 23% after it reported a drop in revenue and profit for the quarter amid rising costs. The social media platform is losing money on its efforts to build the virtual world called the metaverse.

  • McDonald’s Corporation (NYSE: MCD ) stock rose 3.2% after reporting better than expected revenue and profit for the recent quarter. The fast-food giant said it is seeing more traffic in its restaurants despite an increase in menu prices.

  • Align Technology Inc (NASDAQ: ALGN ) stock fell 17.5% after missing estimates on earnings, blaming a slowdown in demand and currency fluctuations that put a dent in revenue.

  • Credit Suisse (SIX: CSGN ) Group (NYSE: CS ) stock fell 18% after the Swiss bank posted a wider than expected loss for the quarter and announced a major restructuring that includes splitting off its investment bank into an independent business.

  • Caterpillar Inc (NYSE: CAT ) shares rose 8.5% after the construction equipment maker said it sold more machines than expected, beating on the top and bottom lines. Higher prices helped offset higher input costs.

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