Stocks making the biggest moves midday: Compass, General Electric, Shell, Pinterest and more
Check out the companies making headlines in midday trading Thursday.
Constellation Brands — The spirits producer slipped 2% despite posting earnings and revenue for the previous quarter that beat expectations. Constellation Brands did, however, report losses in its cannabis business and said it would divest some of its wine offerings to The Wine Group.
Compass — Shares surged 10% after Insider reported Vista Equity Partners is considering a deal that would take the real estate technology company private.
General Electric — General Electric’s stock shed 1.2% amid news that the company is firing 20% of its onshore wind workforce in the U.S.
Conagra — Conagra’s stock traded 3.3% lower despite a top and bottom line beat in its recent fiscal quarter. The food producer also reaffirmed its outlook for the year.
Shell — Shares of the energy producer fell 4.1% after the company warned that it expects lower refining margins and weaker earnings from natural gas trading. Shell also cited higher costs for delivering fuel.
Silvergate Capital — Shares fell 6.1% after Wells Fargo double downgraded the crypto bank stock to underweight from overweight, citing deposit outflows because of sharply falling cryptocurrency prices.
Pinterest — Shares of the vision board company jumped more than 4% after Goldman Sachs upgraded the stock to buy from neutral. The analyst said he came away from a recent meeting with senior Pinterest management with increased confidence in user growth and monetization on the platform.
Take-Two Interactive — The gaming company added 2.5% after Goldman Sachs upgraded Take-Two to a buy rating, saying the recent pullback in the stock create a good entry point for investors.
AbbVie — The biotech stock fell more than 1% after AbbVie said in a securities filing that research & development and milestone expenses will shave 2 cents off of earnings per share for the third quarter. AbbVie is scheduled to announce its full results for the quarter on Oct. 28.
Peloton — Peloton shares bounced back after the at-home fitness company announced a plan to slash 500 more jobs, or 12% of its workforce, to help steer it back to growth. It was up about 3% midday after falling in the premarket.
Lamb Weston — Shares of Lamb Weston rose 1.2% to a new fresh 52-week high, after the frozen potato processing company announced quarterly earnings that beat Wall Street’s expectations on Wednesday. The company also delivered a revised outlook for 2023 profit.
Splunk — Splunk’s stock dropped more than 4% after UBS downgraded it to neutral from buy. The firm said it sees “growth challenges” for the data-platform provider, including increased competition and pricing.
Provention — The biopharmaceutical company surged 22% on news of a partnership with French company Sanofi created to launch a drug candidate for type 1 diabetes.
— CNBC’s Tanaya Macheel, Alex Harring, Yun Li, Sarah Min, Jesse Pound, Carmen Reinicke and Michelle Fox contributed reporting.
