Compass, General Electric, Shell, Pinterest and more

A Shell gas station sign is seen in front of a lit pilot flame on top of a stack of flares at the Shell Energy and Chemicals Park Rheinland refinery in Godorf, near Cologne, Germany, on August 3, 2022.

Wolfgang Rattay | Reuters

Check out the companies making headlines in midday trading on Thursday.

Constellation Brands: The spirits maker fell 2% despite posting earnings and revenue in the previous quarter that beat expectations. However, Constellation Brands reported losses in its cannabis business and said it would divest some of its wine offerings to The Wine Group.

Compass: Shares rose 10% after Insider reported that Vista Equity Partners is considering a deal that would spin off the real estate technology company.

General Electric: General Electric shares fell 1.2% amid news that the company will lay off 20% of its onshore wind workforce in the US

Conagra: Shares of Conagra traded down 3.3% despite a rise in top and bottom line results in its latest fiscal quarter. The food producer has also reaffirmed its forecasts for the year.

Shell: The energy producer’s shares fell 4.1% after the company warned it expected lower refining margins and weaker earnings from natural gas trading. Shell also cited higher costs to deliver fuel.

Silvergate Capital: Shares fell 6.1% after Wells Fargo downgraded the crypto bank’s stock from underweight to overweight, citing deposit outflows due to a sharp drop in cryptocurrency prices.

Pinterest: Shares of the vision board company rose 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 management with greater confidence in the platform’s user growth and monetization.

Take-Two Interactive: The games 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 shares fell more than 1% after AbbVie said in a securities filing that research and development expenses and milestones will shave 2 cents from earnings per share in the third quarter. AbbVie is scheduled to announce its full results for the quarter on Oct. 28.

Peloton – Shares of Peloton rallied after the home fitness company announced a plan to cut another 500 jobs, or 12% of its workforce, to help it return to growth. It was up about 3% at midday after falling in premarket.

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

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

Provenance: The biopharmaceutical company jumped 22% on news of a partnership with French firm Sanofi set up 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.

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