The sign of a Shell gas station is seen in front of a burning pilot flame atop a flare at the refinery at the Shell Energy and Chemicals Park Rheinland in Godorf near Cologne, Germany, August 3, 2022.
Wolfgang Rattay | Reuters
Check out the companies making headlines Thursday at noon.
Constellation Brands – The spirits producer fell 2% despite earnings and revenue for the prior quarter that beat expectations. Constellation Brands, however, reported losses in its cannabis business and said it would divest some of its wine offerings to The Wine Group.
Compass – Shares jumped 10% after Insider reported that Vista Equity Partners was considering a deal that would take the real estate technology company private.
General Electric – General Electric shares shed 1.2% as the company lays off 20% of its onshore wind workforce in the United States
Conagra – Shares of Conagra traded down 3.3% despite a higher and lower pace in its recent fiscal quarter. The food producer also reaffirmed its outlook for the year.
Shell – Shares in the energy producer fell 4.1% after the company warned it expects lower refining margins and lower profits from natural gas trading. Shell also cited higher costs for fuel delivery.
Silvergate Capital – Shares fell 6.1% after Wells Fargo double downgraded the crypto bank’s stock to underweight from overweight, citing deposit outflows due to the sharp drop in crypto prices. change.
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 Pinterest senior 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 stock’s recent pullback creates a good entry point for investors.
AbbVie – Biotech stock fell more than 1% after AbbVie said in a securities filing that research and development and milestone spending would shave 2 cents off earnings per share for the third quarter. AbbVie is expected to report full results for the quarter on October 28.
Peloton – Shares of Peloton rebounded after the home fitness company announced a plan to cut 500 more jobs, or 12% of its workforce, to help it resume growth. It was up about 3% midday after falling premarket.
Lamb Weston – Shares of Lamb Weston rose 1.2% to a new 52-week high, after the frozen potato processor reported quarterly results Wednesday that beat Wall Street expectations. The company also released a revised outlook for 2023 earnings.
Splunk – Splunk’s stock fell more than 4% after UBS downgraded it to neutral long. The company said it saw “growth challenges” for the data platform provider, including increased competition and pricing.
Provention – The biopharmaceutical company jumped 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.
