Check out the companies making headlines in midday trading Friday.
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Foot Locker — The footwear retailer tanked 25.7% after it missed both top and bottom lines during the fiscal first-quarter. The company also reduced its full-year outlook, citing a “tough macroeconomic backdrop.” Dick’s Sporting Goods followed Foot Locker lower, losing 6.5%.
Occidental Petroleum — Shares of the Houston-based oil and gas producer rose nearly 2%. Warren Buffett’s Berkshire Hathaway bought more shares on each of the last six trading days, boosting its stake to 24.4%. Buffett has ruled out the possibility to take full control of Occidental.
Disney — The media conglomerate fell nearly 2% in midday trading after Macquarie Research downgraded shares to neutral from outperform. “We still appreciate Disney’s ability to successfully transform to
a DTC-first streaming business over time, but now see more interim uncertainties,” Macquarie wrote.
Catalent — The drug maker surged 14.4% midday after the company shared a business update. CEO Alessandro Maselli said during a call that the company thinks it “can sufficiently service [customers’] demand.” The company has been dealing with problems at various production sites this year.
Farfetch — The e-commerce company added 17.6% in midday trading after Farfetch reported a revenue beat for the first quarter. Farfetch reported $556 million against analyst a Refinitiv forecast of $513 million.
Western Alliance, PacWest — shares of the regional banks dipped more than 4% each, giving back some of their sharp gains from this week. Despite the losses, Western Alliance and PacWest are still up more than 20%.
— CNBC’s Hakyung Kim, Alex Harring, Yun Li and Sarah Min contributed reporting