Docusign Corporation. A website on a laptop organized at Dobbs Ferry, New York, United States, on Thursday, April 1, 2021.
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Check out which companies are making the headlines in midday trading.
Campbell’s Soup – The food company’s shares were up 1.5% after reporting a better-than-expected quarterly report. Campbell reported adjusted earnings of 70 cents per share, 9 cents higher than the Refinitiv consensus estimate. Sales also exceeded expectations, and Campbell raised its full-year sales forecast. The company reiterated its previous earnings forecast, noting that it now expects core inflation to turn hotter than its previous forecast.
Initial deal executor – Shares of the discount retailer jumped 4.7% even after a disappointing earnings report. Ole reported earnings per share of 20 cents in the first quarter, below the FactSet estimate of 30 cents. CEO John Swigert said the company has not yet seen the full benefit of consumer trading amid inflationary pressures.
Moderna – The drug company’s shares advanced about 2.2% after a study showed that an upgraded version of the company’s coronavirus vaccine produced a better immune response against the omicron variant. Moderna expects the vaccination to be obtained in late summer.
Western Digital – The technology stock fell more than 4.1% after Western Digital said it had reached a settlement with activist investor Elliott Management, which was seeking to break up the company. Western Digital said it is reviewing strategic alternatives, including a possible partition of flash memory and drive business.
Credit Suisse, State Street – Shares fell 1% after a report that State Street was planning a takeover bid for the Swiss bank. State Street shares fell 5.5 percent.
DocuSign – The electronic signature company’s stock added 2.7% on the news that DocuSign is expanding its partnership with Microsoft.
Opti – Shares of the buy now, pay later fell 4.2% after Wedbush gave Affirm a poor rating. Wedbush noted the growing competition in the space, slowing e-commerce sales and rising financing costs.
Altria Group – Tobacco stock fell 8.4% after Morgan Stanley cut Altria Group’s rating to an underweight rating of the same weight. “We expect greater pressures from higher gas prices and weaker consumer confidence, which should affect cigarette volumes and enhance trade risks,” Morgan Stanley said.
Dutch brothers – The coffee chain saw a 2.5% drop after JPMorgan lowered the stock to a neutral rating from overweight. The Dutch Brothers are a discretionary occasion, and an ‘easy’ occasion to cut back when times feel ‘narrower,’ said JP Morgan.
CNBC’s Yoon Lee, Tanaya Machel, and Samantha Soobin contributed reporting.