The largest stock price changes during the day were seen in HP, Constellation Brands, CDK Global, and others.
Check out the companies making headlines in midday trading.
Berkshire Hathaway, led by Warren Buffett, acquired a 11% stake in the computer hardware company, causing shares to rise by 16.4%. This was accomplished through the purchase of approximately 121 million shares, worth roughly $4.2 billion based on Wednesday's closing price.
After reporting quarterly earnings, Lamb Weston's shares rose 6.2%. The company's profit per share was 73 cents, surpassing analyst predictions of 44 cents. Additionally, Lamb Weston's revenues came in at $955 million, below analyst estimates of $969 million.
After reporting an earnings beat, Constellation's stock increased by 4.3%. The company's earnings per share were $2.37, and its revenues totaled $2.1 billion. Analysts had predicted earnings of $2.10 per share and revenues of $2.02 billion.
The company's shares dropped by 4% after it was announced that founder Richard Liu would step down as CEO. Although Liu will continue to serve as chair, Xu Lei will assume the role of CEO.
Despite Levi's better-than-expected quarterly report, shares fell nearly 5%. The jeans maker posted a quarterly profit of 46 cents per share on revenue of $1.59 billion. Analysts looked for earnings of 42 cents per share on revenue of $1.55 billion. Levi said supply chain constraints hurt sales by roughly $60 million during the latest period.
The big-box retail chain experienced a 3.2% increase in sales, one day after reporting a 17.2% increase in same-store sales for the last five weeks ending April 3.
After agreeing to be acquired by Brookfield Business Partners for $8.3 billion, CDK Global's shares jumped 11.4%. The deal implies a 12% premium over Wednesday's closing price for CDK, with shareholders receiving $54.87 per share in cash.
Ford's automaker dropped 5.2% after Barclays downgraded the company to equal weight from overweight due to the ongoing semiconductor shortage, which will prevent Ford from recovering after a poor start to 2022, according to a note from Barclays to clients.
— CNBC’s Hannah Miao and Jesse Pound contributed reporting.
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