Take a look at the companies making headlines in midday trading. Brinker International – Shares of Chili plunged about 12% after the company’s parent company issued a lower-than-expected full-year profit forecast and reported disappointing fiscal fourth-quarter earnings. The company reported adjusted earnings of $1.61 per share, missing the StreetAccount consensus estimate of $1.72 per share. Brinker also expects fiscal 2025 earnings per share to be between $4.35 and $4.75, below the consensus estimate of $4.78. Victoria’s Secret – The retailer announced the appointment of former Savage X Fenty CEO Hillary Super as the company’s CEO, effective September 9. Operating income and adjusted diluted earnings per share were above previous guidance. Flutter-FanDuel shares rose more than 9% after the parent company reported better-than-expected second-quarter revenue. Flutter’s revenue in the period was $3.61 billion, above StreetAccount’s consensus forecast of $3.4 billion. The sportsbook also raised its full-year guidance. Kellanova – Kellanova shares rose 7.7% after the company agreed to be acquired by snack maker Mars in a deal valued at about $36 billion, or $83.50 per share in cash. The deal, which follows Kellogg’s split into two publicly traded companies, Kellanova and WK Kellogg, late last year, is expected to close in the first half of 2025. % It is understood that the Department of Justice is considering breaking up the large technology company. The company’s Android operating system and Chrome browser could become targets for divestment if the Justice Department moves forward with the plan. Arm Holdings — Shares of the U.S.-listed British chip designer rose 4.3% after Intel sold 1.18 million shares. The move comes as Intel focuses on restructuring and cost cutting. The company’s shares fell 2.2% in midday trading. Cardinal Health – Shares of Cardinal Health rose more than 5% after the healthcare company’s fiscal fourth-quarter results topped Wall Street expectations. Cardinal earned $1.84 per share, excluding items, on revenue of $59.87 billion. The company expected earnings of $1.73 per share on revenue of $58.64 billion, according to analysts polled by StreetAccount. Cardinal also raised its full-year profit guidance. Starbucks – The coffee chain’s shares soared 24.5% after announcing it would replace its current CEO with Chipotle CEO Brian Niccol, a day after shares fell about 4%. Shares of several companies, including Deutsche Bank and Stifel, also upgraded following the news. Illumina – The biotech stock rose 2.2% after TD Cowen upgraded its rating to “buy” from “hold.” Illumina’s recent guidance reset and management changes helped drive the stock higher, the company said. Nu Holdings – Shares of Nu Holdings, a Brazilian digital banking platform, rose 4% after the company reported second-quarter results that beat expectations. Adjusted net income was $563 million, above the FactSet consensus estimate of $460.3 million. Revenue of $2.85 billion also topped estimates of $2.57 billion. —CNBC’s Alex Harring, Sarah Min, Pia Singh and Michelle Fox contributed reporting.
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