HP, Constellation Brands, CDK Global and more

A man passes a Hewlett Packard display at a technology conference

Jim Young | Reuters

Check out the companies making headlines in midday trading.

HP – Warren Buffett’s Berkshire Hathaway became the largest shareholder in the computer hardware company, sending shares up 16.4%. Berkshire Hathaway bought nearly 121 million shares, or about an 11% stake worth roughly $ 4.2 billion based on Wednesday’s closing.

Lamb Weston Holdings – Shares soared 6.2% after the food processing company reported quarterly earnings. Lamb Weston showed profit of 73 cents per share, beating consensus estimates of 44 cents. It reported revenues of $ 955 million, compared to analyst estimates of $ 969 million.

Constellation Brands – The stock jumped 4.3% after the producer of beer, wine and spirits reported an earnings beat. Constellation saw earnings of $ 2.37 per share and revenues of $ 2.1 billion. Analysts expected earnings of $ 2.10 per share and revenues of $ 2.02 billion.

JD.com – News that founder Richard Liu stepped down from the CEO position sent shares down 4%. Liu will remain on as chair. Company President Xu Lei will take over as CEO.

Levi Strauss – Shares fell nearly 5% despite Levi’s better-than-expected quarterly report. The jeans maker posted a quarterly profit of 46 cents per share on revenue of $ 1.59 billion. Analysts looked for earnings of 42 cents per share on revenue of $ 1.55 billion. Levi said supply chain constraints hurt sales by roughly $ 60 million during the recent period.

Costco – The big-box retail chain jumped 3.2%, a day after it reported robust same-store sales in March, which jumped 17.2% in the last five weeks ending April 3.

CDK Global – Shares jumped 11.4% after the provider of automotive retail technology agreed to be acquired by Brookfield Business Partners in an $ 8.3 billion deal. CDK Global shareholders will get $ 54.87 per share in cash, implying a 12% premium over Wednesday’s closing price for CDK.

Ford – The automaker dropped 5.2% after Barclays downgraded Ford to equal weight from overweight. The ongoing semiconductor shortage will keep Ford from rebounding after a rough start to 2022, Barclays said in a note to clients.

– CNBC’s Hannah Miao and Jesse Pound contributed reporting.

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