State Street — Shares of State Street rose nearly 5% after the bank announced it has mutually agreed with Brown Brothers Harriman & Co. to terminate its proposed acquisition of BBH’s Investor Services business. State Street said it has determined that the regulatory path forward would involve further delays, and necessary approvals have not been resolved.
NetApp — The cloud computing company’s shares dropped more than 9% after NetApp reported quarterly results, including a miss on revenue estimates. The company forecasted weak earnings guidance and even weaker revenue guidance for the full year.
Hormel — Shares of the food producer slid 4% after the company reported mixed financial results for its most recent quarter. Though earnings beat Wall Street estimates, revenue came up short. Hormel also issued a weaker-than-expected outlook.
DoorDash — The food delivery service operator saw shares rise more than 4% following news that the company will lay off 1,250 corporate employees, according to a message sent by CEO Tony Xu to employees Wednesday. The layoffs are part of a continued cost-cutting effort driven by tapering growth and overhiring. It had 8,600 corporate employees as of Dec. 31, 2021.
