Check out the companies making headlines midday Friday:
Kraft Heinz — Shares of Kraft Heinz plummeted 27 percent after the company announced a $15.4 billion write down of its Kraft and Oscar Mayer brands. The company also disclosed a Securities and Exchange Commission subpoena as part of a probe into its accounting policies and cut its dividend.
J.M. Smucker, Dean Foods, Conagra Brands, Kellogg, General Mills — Shares of these consumer products companies were dragged down by Kraft Heinz’s sharp decline. They were all down at least 4 percent.
Intel — Morgan Stanley upgraded Intel to overweight from equal weight, citing a potential rally under CEO Bob Swan’s leadership. “We think that Intel can rerate higher around a more financially oriented CEO,” Morgan Stanley said. Intel shares rose 2.7 percent.
Wayfair — Shares of Wayfair leaped 32 percent on better-than-expected fourth-quarter results. The online furniture retailer posted an adjusted loss of $1.12 per share, which is smaller than a Refinitiv estimate of $1.28. The company’s revenue also topped estimates. Wayfair added its active consumer count jumped more than 15 percent.
Roku — Shares of Roku jumped 20 percent on a better-than-expected fourth-quarter earnings and an active account growth of over 40 percent. The company also reported revenues that were $14 million higher than expected and earnings that surpassed a Refinitiv estimate by 2 cents.
Zillow — Zillow shares surged 20 percent after the real estate database company announced CEO Spencer Rascoff was leaving his post. The company also said Rich Barton, one of Zillow’s co-founders, was taking over as chief executive.
Boyd Gaming — The gaming and hospitality company’s stock rose 10 percent in midday trading after releasing its quarterly results. Boyd Gaming posted adjusted earnings per share of 32 cents, in line with expectations. The company also reported revenue of $791.6 million, topping a Refinitiv estimate of $774.3 million.
Intuit — Intuit reported adjusted earnings of $1 per share for its fiscal second quarter, topping a Refinitiv estimate of 86 cents. The company also said its revenue increased by 12 percent as sales from its small business online ecosystem expanded by 38 percent. Intuit shares jumped 5.7 percent.
Stamps.com — Shares of Stamps.com plummeted more than 56 percent after the company dissolved its longtime partnership with the U.S. Postal Office. The company said it did so in a bet on Amazon’s success in shipping and logistics.