Compass, General Electric, Shell, Pinterest and more

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Compass, General Electric, Shell, Pinterest and more

The sign of a Shell gas station can be seen in front of a burning pilot flame on a flare chimney in the refinery of the Shell Energie- und Chemiepark Rheinland in Godorf near Cologne, Germany, 03 August 2022.

Wolfgang Rattay | Reuters

Check out the companies making headlines on Thursday afternoon.

Constellation Brands – The liquor maker slipped 2% despite posting better-than-expected earnings and sales in the previous quarter. However, Constellation Brands reported losses in its cannabis business and announced it would divest part of its wine offering to The Wine Group.

Compass – Shares rose 10% after Insider reported that Vista Equity Partners is considering a deal that would take the real estate technology company private.

General Electric – General Electric’s stock fell 1.2% after it was announced that the company would lay off 20% of its US onshore wind assets

Conagra — Conagra’s stock traded 3.3% lower despite better sales and earnings in its most recent fiscal quarter. The food manufacturer also confirmed the outlook for the year.

Shell – Shares of the energy producer fell 4.1% after the company warned it expects lower refining margins and weaker profits from natural gas trading. Shell also cited higher fuel delivery costs.

Silvergate Capital – Shares fell 6.1% after Wells Fargo double-downgraded the crypto bank’s stock from overweight to underweight, citing outflows from deposits amid sharp falls in cryptocurrency prices.

Pinterest — Shares in Vision Board Company rose more than 4% after Goldman Sachs upgraded the stock to a “buy” from neutral. The analyst said he stepped down 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 rose 2.5% after Goldman Sachs upgraded Take-Two to a buy rating and said the stock’s recent price drop creates a good entry point for investors.

AbbVie — Biotech stock fell more than 1% after AbbVie said in a securities filing that spending on research and development and milestone payments will reduce earnings per share by 2 cents in the third quarter. AbbVie is expected to report full quarterly results on October 28th.

Peloton – Peloton shares rallied after the home fitness company announced a plan to cut 500 more jobs, or 12% of its workforce, to get it back on track for growth. It was up about 3% midday after falling in the premarket.

Lamb Weston – Shares of Lamb Weston rose 1.2% to a fresh 52-week high after the frozen potato processor on Wednesday reported quarterly earnings that beat Wall Street expectations. The company also provided revised earnings guidance for 2023.

Splunk – Splunk’s stock fell more than 4% after UBS downgraded it from “buy” to “neutral.” The company said it sees “growth challenges” for the data platform provider, including increased competition and pricing.

Prevention – The biopharmaceutical company rose 22% on news of a partnership with French company Sanofi formed to bring a drug candidate for type 1 diabetes to market.

– CNBC’s Tanaya Macheel, Alex Harring, Yun Li, Sarah Min, Jesse Pound, Carmen Reinicke and Michelle Fox contributed coverage.