Midday movers: DoorDash, Workday, Hormel and more

By Liz Moyer

Investing.com -- Stocks were struggling for direction on Wednesday as investors waited to hear what Federal Reserve Chair Jerome Powell will say in a speech he is scheduled to give this afternoon. Here are the midday movers for Nov. 30.

• DoorDash Inc (NYSE:DASH) shares rose 5% after the delivery company said it would lay off 1,250 employees after growing too quickly during the pandemic boom, which pushed expenses higher. It continues to look for ways to cut non-employee expenses.

• Workday Inc (NASDAQ:WDAY) stock rose 11.9% as the human resources software provider beat expectations for revenue and profit and gave an optimistic outlook. Its forecast for fiscal year subscription revenue was inline with expectations.

• Hormel Foods Corporation (NYSE:HRL) shares fell 4% after the maker of SPAM and Jennie-O turkey gave a weaker-than-expected forecast for 2023 net sales. It estimates net sales of $12.6 billion to $12.9B where analysts expected $13.1B.

• Horizon Therapeutics (NASDAQ:HZNP)shares jumped 26% after it announced it was entering preliminary talks on a possible sale with three large pharma companies, including Amgen (NASDAQ:AMGN), Sanofi (NASDAQ:SNY) and the Janssen division of Johnson&Johnson (NYSE:JNJ). It said Jan. 10 was the deadline for suitors to say they were making a bid or not.

• Petco Health and Wellness Company Inc (NASDAQ:WOOF) shares rose 12.9% after profit dropped from last year but met expectations and revenue delivered a beat. It lowered its adjusted EPS range, and same-store sales rose 4.1%, beating expectations.