Check out the companies making headlines in midday trading.
Campbell Soup – The food company saw shares gain 2.3% after reporting a better-than-expected quarterly report. Campbell posted an adjusted profit of 70 cents per share, 9 cents above Refinitiv consensus estimates. Sales also beat forecasts and Campbell raised its full-year sales outlook. The company reiterated its prior earnings forecast, noting it now expects core inflation to run hotter than its previous outlook.
Ollie’s Bargain Outlet — Shares of the discount retailer jumped 5.9% even after a disappointing earnings report. Ollie’s posted earnings per share of 20 cents in the first quarter, missing a FactSet estimate of 30 cents. Chief Executive John Swygert said the company has not yet seen the full benefit of consumers trading down amid inflationary pressures.
Moderna — Shares of the drug maker advanced about 4% after a study showed that an upgraded version of the firm’s coronavirus vaccine produced a better immune response against the omicron variant. Moderna expects the vaccine to get clearance in late summer.
Western Digital — The technology stock fell more than 1% after Western Digital said it reached a settlement with activist investor Elliott Management, which has been seeking a breakup of the company. Western Digital said it is reviewing strategic alternatives, including a possible split of its flash memory and disk drive businesses.
Credit Suisse, State Street — Shares rose 2.2% after a report that State Street was planning a takeover bid for the Swiss bank. State Street shares fell about 2%.
DocuSign — The electronic signature company’s stock added 3.5% on news that DocuSign is expanding its partnership with Microsoft.
Affirm — Shares of the buy-now-pay-later company fell 2.1% after Wedbush initiated Affirm with an underperform rating. Wedbush cited increasing competition in the space, slowing e-commerce sales and rising funding costs.
Altria Group — The tobacco stock fell 5.6% after Morgan Stanley downgraded Altria Group to an underweight rating from equal weight. “We anticipate greater pressures from rising gas prices and weaker consumer sentiment, which should weigh on cigarette volumes and enhance trade down risk,” Morgan Stanley said.
Dutch Bros — The coffee chain saw shares fall 4.4% after JPMorgan downgraded the stock to a neutral rating from overweight. “Dutch Bros is a discretionary occasion, and is an ‘easy’ cut back when times feel ‘tighter,'” JPMorgan said.
— CNBC’s Yun Li, Tanaya Macheel and Samantha Subin contributed reporting
