Take a look at the companies that made headlines in midday trading: Kroger — Shares of the grocery chain rose 7.2%. Kroger reported mixed fiscal second-quarter results, posting adjusted earnings that beat expectations by 2 cents a share. Revenue fell short of Wall Street estimates. Petco — Shares of the pet retailer soared 11.3%. That adds to Wednesday’s post-earnings rally of nearly 33%, which marked the stock’s best day on record. Moderna — Shares plunged nearly 12.4% after the drugmaker said it will cut $1.1 billion in expenses by 2027. Moderna also said it plans to launch 10 new products through 2027 but will also pause or stop work on some of the products in its pipeline. Gilead Sciences — Shares gained 2.7% after the biopharmaceutical company said a second pivotal Phase 3 clinical trial showed its twice-a-year HIV prevention drug Lenacapavir reduced infections by 96% and showed superiority to the daily pill Truvada. Alaska Air Group — Shares of the airline rose 1.2% after it raised its third-quarter outlook following strong summer demand. Alaska told investors to expect $2.15 to $2.25 in earnings per share, up from a prior range of $1.40 to $1.60. Interpublic Group of Companies — The advertising stock was trading 1.3% lower following a UBS downgrade to sell from neutral. Analyst Adam Berlin also cut his 12-month price target. As a reason for the downgrade, he cited the advertiser’s loss of big accounts like Amazon and Pfizer, which he said investors have not yet fully factored into the stock’s valuation. US Bancorp — The bank’s shares fell 2% despite announcing a dividend increase and a $5 billion share buyback plan. Diageo — The alcohol stock rose 3.6% after Bank of America upgraded its rating to buy from neutral. Bank of America said the toughest period for the company is now behind it. Roku — Shares of the streaming platform rose 5.7% after Wolfe Research upgraded the stock to outperform from peer perform. The Wall Street firm said it believes Roku’s sales growth is poised to accelerate thanks to a trimmed cost structure and new sales strategies. Oracle — Shares of the software company rose 2.7% after Bernstein named it a top investment idea. The firm sees more gains ahead for the company, citing downside protection from the company’s various offerings and rising revenue growth, among others, as catalysts. — CNBC’s Yun Li, Michelle Fox, Sean Conlon, Samantha Subin, Lisa Kailai Han and Sarah Min contributed to this report.
