Business

HP, Constellation Brands, CDK Global and others

A man walks past a Hewlett Packard display at a technology conference.

Jim Young | Reuters

Check out the companies that make headlines in the afternoon trade.

HP – Warren Buffett’s Berkshire Hathaway became the largest shareholder in the computer hardware company, up 16.4%. Berkshire Hathaway bought nearly 121 million shares, or about 11% of the shares, for about $4.2 billion, based on Wednesday’s close.

Lamb Weston Holdings – Shares rose 6.2% after the food processing company reported quarterly earnings. Lamb Weston posted earnings of 73 cents per share, beating the consensus estimate of 44 cents. It reported earnings of $955 million, compared to analysts’ estimates of $969 million.

Constellation Brands – Shares jumped 4.3% following a beer, wine and spirits maker. informed profit beat. Constellation earned $2.37 per share on revenue of $2.1 billion. Analysts had expected earnings of $2.10 per share on revenue of $2.02 billion.

JD.com – News that founder Richard Liu stepped down as CEO sent the stock down 4%. Liu will remain as chairman. Company President Xu Lei will become CEO.

Levi Strauss – Shares fell nearly 5% despite Levi’s better-than-expected quarterly report. The jeans maker reported quarterly earnings of 46 cents per share on revenue of $1.59 billion. Analysts were looking for a profit of 42 cents per share on revenue of $1.55 billion. Levy said supply chain restrictions have reduced sales by about $60 million over the most recent period.

Costco – The major retailer jumped 3.2% the day after. informed solid same-store sales in March, which jumped 17.2% in the last five weeks ending April 3.

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

Ford. The automaker’s shares tumbled 5.2% after Barclays downgraded Ford to overweight. The ongoing semiconductor shortage will keep Ford from bouncing back from a rocky start to 2022, Barclays said in a message to customers.

– Hannah Miao and Jesse Pound of CNBC provided reporting.


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