The website of Docusign Inc. on a laptop computer set up at Dobbs Ferry, New York, USA, on Thursday, April 1, 2021.
Tiffany Hagler-Geard | Bloomberg | Getty Images
Check out the companies that make headlines during afternoon trading.
Campbell Soup – The food company saw shares rise 2.3% after a better-than-expected quarterly report. Campbell posted adjusted earnings of 70 cents a share, 9 cents above Refinitiv’s consensus estimates. Sales also exceeded forecasts and Campbell raised its full-year sales outlook. The company reiterated its earlier earnings forecast, noting that it now expects core inflation to rise higher than its previous outlook.
Ollie’s bargain outlet † Shares of the discount chain rose 5.9%, even after a disappointing earnings report. Ollie’s posted first-quarter earnings per share of 20 cents, excluding a FactSet estimate of 30 cents. Chief Executive John Swygert said the company has not yet seen the full benefit of consumers trading amid inflationary pressures.
moderna † Shares of the drugmaker rose about 4% after a study found that an improved version of the company’s coronavirus vaccine elicited a better immune response against its omicron variant. Moderna expects the vaccine to be approved by the end of the summer.
Western Digital † Technology shares fell more than 1% after Western Digital said it reached a settlement with activist investor Elliott Management, which was seeking a split of the company. Western Digital said it is studying 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 is planning a takeover bid for the Swiss bank. State Street shares fell about 2%.
DocuSign † Shares of the electronic signature company added 3.5% on the news that DocuSign is expanding its partnership with Microsoft.
To confirm † Shares of the buy-now-pay-later company fell 2.1% after Wedbush Affirm launched with an underperform rating. Wedbush cited increasing competition in the space, slowing e-commerce sales and rising financing costs.
Altria Group † Tobacco stocks fell 5.6% after Morgan Stanley downgraded Altria Group to an underweight of equal weight. “We expect greater pressure from rising gas prices and weaker consumer confidence, which should weigh on cigarette volumes and increase the risk of write-downs,” Morgan Stanley said.
Dutch Brothers † The coffee chain saw shares fall 4.4% after JPMorgan downgraded its stock from overweight to neutral. “Dutch Bros is a discretionary opportunity, and is an ‘easy’ cut when times feel ‘tighter’,” JPMorgan said.
— CNBC’s Yun Li, Tanaya Macheel and Samantha Subin contributed coverage