Finance

Visitors browse at the display of Expedia during the International Tourism Trade Fair in Berlin.

Fabrizio Bensch | Retuers

Check out the companies making headlines in midday trading.

Expedia — Shares of Expedia surged 6.6% as the best performer in the S&P 500 after the travel company announced that CEO Mark Okerstrom and CFO Alan Pickerill are stepping down. Chairman Barry Diller said the leadership changes resulted from disagreements over strategy. Diller will oversee day-to-day operations while the board focuses on a plan for long-term leadership.

Salesforce — Shares of the cloud company dropped more than 3% after reporting earnings guidance below Wall Street’s expectations. For the fourth quarter, Salesforce estimates earnings between 54 and 55 cents per share, compared to the 62 cents per share estimated, according to Refinitiv. The company also said its sees full year 2021 revenue in a range between $20.8 billion and $20.9 billion, lower than the expected $20.93 billion.

Workday — Shares of Workday climbed nearly 5% after the human resources software company posted stronger-than-expected earnings. Workday earned 53 cents per share in the third quarter, beating estimates by 15 cents, according to FactSet. The company also saw revenue come in above estimates, while raising its full year forecast as more companies sign up for subscriptions.

Alphabet — The tech giant’s stock rallied about 2% in midday trading after the company announced Tuesday that CEO Larry Page will step down and be replaced by Google CEO Sundar Pichai. Wall Street expects Pichai to foster areas of new growth for Alphabet as growth in its longtime ad sales business shows signs of slowing.

Microchip Technology — Shares of Microchip surged 4.8% after the chip maker raised guidance for earnings and sales. Microchip said it GAAP earnings or loss per share is now expected to be between a 3 cent and 4 cent loss, compared to the previous estimate of a loss between 11 cents and 17 cents. The company also expects consolidated net sales for the quarter to be $1.244 billion to $1.298 billion, versus previous guidance of $1.204 billion to $1.311 billion.

Nvidia, Micron Technology, ON Semiconductor — Chip stocks rose broadly after a Bloomberg News report said China and the U.S. were getting close to reaching a trade deal. President Donald Trump also said talks between the two countries were going well. Nvidia and Micron traded higher by 1% and 2.2%, respectively. ON Semiconductor advanced 3.3%.

Campbell Soup — Shares of Campbell Soup gained 1% after the food processing company reported better-than-expected quarterly profit. The company saw an increase in its share of the soup market for the first time in 10 quarters. Sales were slightly below expectation as organic sales fell by 1%, however.

— CNBC’s Fred Imbert, Thomas Franck and Maggie Fitzgerald contributed reporting.

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