Midday Movers: Campbell Soup Boosted by Price Hikes, Brown-Forman Falls on Forecast

Key Takeaways

• U.S. equities were up at midday on Wednesday, Dec. 6, 2023 after better-than-expected reports on labor costs and productivity.
• Campbell Soup shares surged as price hikes helped the food giant beat estimates for earnings and guidance.
• Brown-Forman blamed economic challenges as it missed profit forecasts and shares fell.

U.S. equities were higher at midday as new reports showed labor costs fell and productivity increased more than anticipated, while private sector hiring tracked by payroll provider ADP came in below estimates. The Dow, S&P 500, and Nasdaq were all in the green.

Campbell Soup (CPB) shares jumped as the maker of soups and other foods posted better-than-expected profit and guidance as the company boosted prices.

Shares of Boeing (BA) also gained on a report the plane maker delivered 46 narrowbody 737s last month, bringing it close to its delivery target for the full year.

Citigroup (C ) shares advanced as CFO Mark Mason said the bank’s reorganization is on track to be completed by the end of the first quarter of next year.

Brown-Forman (BF.A) shares slumped as the maker of Jack Daniel’s and other alcoholic beverages missed earnings estimates, citing challenging economic conditions.

Shares of Old Dominion Freight Line (ODFL) tumbled after the transportation firm blamed softness in the U.S. economy for a decrease in November revenue.

Altria Group (MO) shares declined after rival British American Tobacco (BTI) warned about falling demand for cigarettes.

Oil futures plunged amid concerns about a slowdown in China's economy. Gold prices rose and the yield on the 10-year Treasury note was down. The U.S. dollar was up versus the euro, pound, and yen. Most major cryptocurrencies continued their recent rally, with Bitcoin trading near the $44,000 mark.

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