Here’s a look at the companies making headlines in midday trading: Kroger — The supermarket chain’s shares are up more than 4%. Kroger reported mixed second-quarter earnings, with adjusted earnings per share beating expectations by 2 cents. Revenues fell short of Wall Street expectations. Petco – Shares of the pet retailer soared 14%. On this basis, the stock price rose nearly 33% after the earnings report was released on Wednesday, marking the stock’s best day ever. Moderna — Shares of Moderna plunged nearly 16% after the drugmaker said it would cut $1.1 billion in spending through 2027. Production of some products. Gilead Sciences — The biopharmaceutical company said a second pivotal Phase 3 clinical trial showed its twice-yearly dose of Lenacapavir for HIV prevention reduced infection rates by 96% and was more effective than Shares of Truvada rose 2% after the daily Truvada pill showed superiority. Alaska Airlines Group — Shares rose 1% after the airline raised its third-quarter outlook due to strong summer demand. Alaska told investors it expected earnings of $2.15 to $2.25 per share, up from the previous range of $1.40 to $1.60. Interpublic Group of Companies – The advertising stock traded down 2% after UBS downgraded its rating to sell from neutral. Analyst Adam Berlin also lowered his 12-month price target. He cited the loss of big clients like Amazon and Pfizer among advertisers as one reason for the downgrade, saying investors haven’t fully priced in the stock’s valuation. US Bancorp — Shares of the bank fell nearly 2% despite announcing a dividend increase and a $5 billion stock buyback plan. Diageo — The alcohol stock rose about 3% after Bank of America upgraded the stock to buy from neutral. Bank of America said the company’s most difficult period is behind it. Roku – Shares of the streaming platform rose more than 5% after Wolfe Research upgraded Roku stock to outperform from peer perform. The Wall Street firm said it believes Roku’s sales growth will accelerate on the back of a cost-cutting structure and a new sales strategy. Oracle — Shares of the software company rose nearly 2% after Bernstein named it a top investment idea. The company expects more earnings from the company in the future, citing downside protection from the company’s diversified products and increased revenue growth as catalysts. —CNBC’s Yun Li, Michelle Fox, Sean Conlon, Samantha Subin, Lisa Kelley Han and Sarah Min contributed reporting.
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