Stocks making the biggest moves midday: Nike, Pfizer, Alibaba, Carnival and more

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Check out the companies making headlines in midday trading.

Nike — Shares of Nike jumped 2.7% after the company reported a beat on the top and bottom lines in the third quarter. The retailer reported earnings of 87 cents per share on revenues of $10.87 billion, topping analysts' estimates of 71 cents per share on revenues of $10.59 billion. Nike delayed giving its outlook for the year.

Datadog — Shares of the software company jumped 6.6% after investment firm BTIG initiated coverage of the stock with a buy rating. BTIG said in a note to clients that Datadog is set up for near- and long-term success.

Alibaba — Shares of the China-based e-commerce giant jumped more than 12% after the company increased its share buyback program to $25 billion from $15 billion, effective for a two-year period through March 2024. Alibaba also appointed Weijian Shan, executive chairman of Hong Kong-headquartered investment group PAG, to its board as an independent director.

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Tencent Music Entertainment — The entertainment services company saw its shares jump about 10% after it reported better-than-expected earnings for the most recent quarter. Tencent Music also said it would pursue a secondary listing on the Hong Kong Stock Exchange.

Pfizer — The biopharmaceutical giant's stock price slipped 2.1% in midday trading after the company said it will distribute up to four million treatment courses of its oral Covid pill to dozens of poorer nations in a partnership with the