Check out the companies making headlines midday Thursday:
div > div.group > p:first-child"> HP Inc. — HP stock tumbled more than 16 percent after the computer and printer maker saw revenue miss estimates amid weakness in printer supply sales. HP said its market share and pricing for those supplies came under pressure during the quarter. Based on those results and the company's comments, Bank of America Merrill Lynch downgraded the stock by two notches, from"buy" to"underperform".
L Brands — Shares of L Brands fell 8 percent after the owner of Victoria's Secret and Bath & Body Works reported mixed results in the holiday quarter and announced plans to close 53 Victoria's Secret stores this year. Its earnings came in seven cents above estimates with adjusted quarterly profit of $2.14 per share, while the fashion retailer's revenue fell below forecasts on declining sales at its Victoria's Secret brand.
Celgene — Shares of biotechnology company Celgene sank more than 7 percent after two major Bristol-Myers Squibb shareholders announced their opposition to a deal between the two companies. Earlier this year, Bristol-Myers announced its intention to buy Celgene for $74 billion; that deal is now opposed by Starboard Value and top Bristol-Myers stakeholder, Wellington Management.
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