Stocks making the biggest moves midday: Stitch Fix, Tesla, WeWork, Campbell Soup and more
Check out the companies making headlines in midday trading.
United Natural Foods — The organic food company tumbled 27% after posting earnings for its fiscal second quarter that missed analyst expectations. It also cut its full-year earnings guidance and withdrew its financial targets for fiscal 2024.
Stitch Fix — The styling company saw shares drop 10% after it reported weaker-than-expected revenue for the latest quarter as well as a wider-than-forecast loss.
Brown-Forman Corp — Shares of the Jack Daniels maker fell 4.4% after the company reported earnings for the latest quarter of 21 cents per share that included a $27 million pension settlement charge.
Tesla — Shares of Tesla dropped more than 3% after the U.S. National Highway Traffic Safety Administration began investigating two complaints of steering wheels coming off 2023 Model Y vehicles while vehicle was in motion. Berenberg also downgraded shares to hold from buy.
Occidental Petroleum — The energy stock climbed more than 1% after a new regulatory filing showed Warren Buffett’s Berkshire Hathaway added to its already large stake in the company over the past trading sessions. The Omaha-based conglomerate bought nearly 5.8 million shares of the oil company in a few trades on Friday, Monday and Tuesday, bumping Berkshire’s ownership to 22.2%.
Diversey — The maker of cleaning and hygiene brands such as Dove, Lysol and Air Wick surged more than 37% after the company agreed to be acquired by Solenis in cash in a deal valued at $4.6 billion. The acquisition is expected to close in the second half of the year.
WeWork — WeWork shares jumped more than 4% following a New York Times report, citing unnamed sources, that said the office space company is in talks with investors to raise more cash and to restructure its debt of more than $3 billion.
Casey’s General Stores — The convenience store chain rose more than 2% midday after the company posted a big earnings beat for its fiscal third quarter and revenue in line with expectations. Casey’s also reported it’s planning to open about 80 new stores this year.
Campbell Soup Company — Campbell Soup saw shares rise nearly 2% after its fiscal second quarter earnings, revenue and margins beat analysts’ expectations. The company also raised the midpoint of its full-year revenue growth and earnings guidance.
CrowdStrike — Shares of the subscription software company were up 2.2% after its fourth-quarter earnings and revenue came in stronger than expected. The company’s revenue also topped expectations, coming in at $637 million compared to $625 million anticipated by Refinitiv analysts. CrowdStrike offered strong earnings and revenue guidance for 2023 as well.
— CNBC’s Yun Li, Hakyung Kim and Sarah Min contributed reporting