Tilray, Zillow, Sonos, Zynga and more

Find out which companies are making the midday headlines.

Tilray, Canopy Growth, Aphria, Aurora Cannabis – Several cannabis stocks fell on Thursday, abandoning some of the big gains seen earlier this week as traders on Reddit piled on the names. Tilray shares fell more than 40% after rising 50% on Wednesday. Canopy growth is down 21%, Aphria is down 31% and Aurora Cannabis is down over 21%.

Bank of New York Mellon – Shares of BNY Mellon rose 2.7% as of noon after announcing it would start funding bitcoin and other digital currencies. The announcement represents a significant step for one of the nation’s largest custodian banks to validate banking and funding bitcoin and other digital currencies.

Zillow – Shares of the real estate technology company jumped more than 15% after a stronger-than-expected earnings report. Zillow reported 41 cents in earnings per share and $ 789 million in fourth quarter revenue. Analysts polled by Refinitiv expected 27 cents a share and $ 741 million. Citi upgraded the stock to purchase neutral products as a result of the report.

Kraft Heinz – Food inventory rose 5.6% after Heinz beat estimates on the upper and lower lines for the fourth quarter. The company also announced that it was selling its nuts business to Hormel Foods for more than $ 3 billion in cash. The agreement includes the Planters and Corn Nut brands.

Under Armor – The retailer’s shares jumped 3% after Piper Sandler raised the stock to overweight. “UAA stocks remain the ‘most unloved’ stocks on our front page,” the company said in a note to clients. The company also doubled its share price target from $ 14 to $ 28. The new target is around 25% above the stock close on Wednesday.

Simon Property Group – Shares of the mall operator have gained more than 3% after Morgan Stanley raised the stock to overweight. “As the retail business faces increasing age-old challenges, we are seeing multiple drivers of profit growth for SPG,” the company wrote in a note to clients. Morgan Stanley has a target of $ 125 on the stock, which is 18% above Wednesday’s closing price.

Spirit Airlines – Shares of the low-cost airline fell more than 8% after reporting disappointing fourth quarter earnings. Seaport also downgraded Spirit Airlines to neutral purchasing status.

Generac – Shares of the power grid company jumped 11% after beating the high and low in quarterly results. Generac earned $ 1.97 per share on revenue of $ 761 million. Wall Street expects to earn $ 1.96 a share on revenue of $ 731 million, according to Refinitiv.

Virgin Galactic – Shares of Virgin Galactic climbed more than 7% on Thursday after an FAA advisory said the company’s next spaceflight attempt remained on track as of Saturday. An FAA advisory released Thursday said the airspace around Virgin Galactic’s base of operations at Spaceport America in New Mexico would be restricted for space operations from Saturday at 9 a.m. ET to Sunday at 6 p.m. ET.

Restaurant Brands – Restaurant Brands shares fell more than 4% after reporting disappointing earnings. Restaurant Brands reported earnings of 53 cents per share, compared to analysts’ estimates of 65 cents per share, according to Refinitiv.

Tempur Sealy – Shares of the mattress maker were up 10% at noon after the company reported earnings of 67 cents a share for the previous quarter, beating Refinitiv’s estimate of 15 cents. The company also said it expects sales growth of between 15% and 20% in 2021.

MGM Resorts – The casino operator’s stock fell more than 3% after disappointing quarterly figures. MGM reported a 53% drop in fourth quarter revenue, with sales also falling below a FactSet estimate. It posted a quarterly loss of 90 cents, slightly above expectations, according to FactSet.

Zynga – Shares of the mobile game developer were up nearly 9% at noon after CEO Frank Gibeau said the company was open to receiving a takeover offer. He added, however, that Zynga was not actively seeking a buyout. The company also reported a 61% increase in net bookings for the previous quarter, beating analysts’ expectations.

Sonos – The premium smart speaker maker saw its shares climb more than 16% after a strong earnings report. According to Refinitiv, Sonos has beaten estimates on both the top and bottom of its last quarter. The company also raised its revenue forecast for the full year.

– with reports by Yun Li, Jesse Pound, Tom Franck, Pippa Stevens and Richard Mendez of CNBC.