Stocks making the biggest moves midday: Estee Lauder, Ralph Lauren, Alphabet & more

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Check out the companies making headlines midday Tuesday:

Archer-Daniels Midland — The grain processor dropped more than 5 percent in midday trading after coming in four cents shy of estimates in the fourth quarter. Revenue was also short of Wall Street forecasts. ADM pointed to complicated and rapidly changing market conditions that put pressure on its fourth-quarter results.

Etsy — Shares of the specialty e-commerce company rose 9 percent after KeyBanc Capital Markets said spending on Etsy’s website accelerated by 240 basis points in January.

Glu Mobile — Shares of the mobile gaming company tanked more than 12 percent following a disappointing quarterly result and weak forecast. While its revenue increased 19 percent in the fourth quarter, that was short of consensus.

Merck — The Dow Jones Industrial Average component rose 0.7 percent after an analyst at Bank of America Merrill Lynch named Merck its top pharmaceutical pick. The analyst cited the growing success of Keytruda, a drug used to treat cancer, as one of the company’s positive catalysts moving forward.

Alphabet — The parent company of Google fell about 1 percent after revealing declining advertising prices as well as rising costs. This was enough to overshadow the release of better-than-expected earnings and revenue for Alphabet.

Gilead Sciences — Gilead fell 2 percent after reporting quarterly profits shy of consensus forecasts. The drug maker’s revenue did beat forecasts, but it saw sales of its hepatitis C treatments continue to decline.

Allergan — Allergan shares rose half a percent after hedge fund manager David Tepper increased pressure on the struggling drugmaker. In a letter to investors, Tepper said: “It should by now be readily apparent to all interested and responsible parties that Allergan requires a fresh approach.”

—CNBC’s Yun Li , Kate Rooney and Michael Sheetz contributed to this report.

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