Check out the companies making the biggest moves at noon: Meta Platforms — The social media giant’s stock soared 11% on news that Meta is building a new cloud business. CNBC confirmed that the company plans to sell excess artificial intelligence computing power to external customers. Bloomberg first reported the news. General Mills — the maker of Bisquick and Cheerios soared more than 6%. General Mills’ fourth-quarter adjusted earnings were 95 cents per share on revenue of $4.61 billion, beating the FactSet consensus call of 80 cents per share on revenue of $4.59 billion. The company also announced plans to generate $3 billion in cumulative cost savings by fiscal year 2030. Progress Software — Shares rose more than 18% after the company reported better-than-expected second-quarter results. Progress earned an adjusted profit of $1.62 per share on revenue of $253.5 million. Analysts had expected sales of $242.7 million and earnings per share of $1.49. Earnings guidance for the third quarter also exceeded expectations. Datadog — Cloud stocks rose more than 2% after Datadog said it acquired Adaptive ML, an AI startup working on deploying specialized agents. Terms of the acquisition were not disclosed. Nike — The apparel company rose more than 4%, reversing an earlier decline, after fiscal fourth-quarter results beat analysts’ expectations even as China sales fell 12% from a year earlier. Shutterstock, Getty Images — Shares fell after Getty scrapped its planned merger with Shutterstock due to a request from UK regulators. Shutterstock plunged nearly 30% and Getty fell 6%. ALCOA — The aluminum company fell 9% after announcing a definitive agreement to acquire some of the assets of mining and metals company South32. The $4.1 billion transaction will see Alcoa acquire South32’s bauxite, alumina and aluminum portfolio. Salesforce, ServiceNow — Shares of both software companies rose as Guggenheim believed artificial intelligence was not the harbinger of death for companies and their stock valuations were attractive. ServiceNow rose more than 6% and Salesforce rose 5%. Bloom Energy — Shares rose more than 2% after the company announced an expanded partnership with investment firm Brookfield to fund artificial intelligence infrastructure projects. Bloom said in a press release that the expansion demonstrates continued demand from AI infrastructure developers. Sandisk, Micron Technology — The memory company’s stock fell on the first day of trading in the third quarter after more than tripling in the second quarter that ended Tuesday. SanDisk fell 9% and Micron fell about 8%. — CNBC’s Darla Mercado and Fred Imbert contributed reporting.
