Check out the companies making headlines in midday trading. Hormel Foods – Shares rose 14.6% after the food processing company beat fiscal first-quarter earnings and revenue expectations. It had earnings of 41 cents per share, excluding items, on revenue of $3 billion. Analysts polled by FactSet had called for earnings of 34 cents per share on revenue of $2.91 billion. The company said it expects continued growth in its food services business and improvement of its international sector. Monster Beverage — Shares rose 5.8% after the energy drink maker reported strong January sales and an expansion in gross margin, despite reporting within-line adjusted earnings and a slight revenue loss for the fourth quarter, according to FactSet. Morgan Stanley and RBC raised their price targets for the stock on Thursday. C3.ai – AI software stock rose 24.5% after C3.ai reported a lower-than-expected adjusted loss per share of 13 cents. The company's revenues also exceeded Wall Street expectations. Chemours – Shares fell 31.5% after the chemical company placed its CEO, CFO and chief accounting officer on leave and said it was conducting an internal review to look at potential “material weaknesses” in its financial reporting. The company also postponed its fourth-quarter earnings report. Okta – Shares rose 22.9% after Bank of America Securities upgraded the identity management company to buy from underperforming. The bank believes Okta's full-year guidance is overly conservative and could lead to upward estimate revisions during the year. Bank of America also raised its price target to $135 from $64, suggesting an upside of about 55% from Wednesday's close. BIRKENSTOCK — Shares of Birkenstock, a newly public footwear maker, ended Thursday down 2.4%, despite reporting a 22% year-over-year jump in revenue helped by higher prices and higher U.S. demand. Best Buy – Shares rose 1.5% after the consumer electronics retailer reported quarterly results that beat analysts' expectations. Best Buy reported fourth-quarter adjusted earnings of $2.72 per share, beating LSEG's estimate of $2.52. Revenues of $14.65 billion also beat consensus estimates of $14.56 billion. Snowflake – Shares fell 18.1% after the cloud data company posted disappointing Q1 product revenue guidance and announced that Snowflake CEO Frank Slootman will retire. Morgan Stanley also downgraded cloud stocks to equal weight. Paramount Global – Shares fell 0.2% after the media company reported surprising quarterly earnings. Paramount's streaming platform Paramount+ reached 67.5 million subscribers during the fourth quarter, a net increase of 4.1 million. However, the company failed to meet revenue expectations for the fourth quarter. Pure Storage – Shares jumped 25% after the data storage company reported stronger-than-expected fourth-quarter earnings and upbeat guidance for the first quarter. The company's earnings were 50 cents per share, after adjustments, for the period, and its revenues amounted to $790 million. AMC Entertainment Holdings – Shares fell 13.4% after the movie theater operator reported a larger-than-expected loss. However, fourth-quarter revenue of $1.1 billion beat LSEG's estimate of $1.05 billion. FIG – Shares fell 13.3% after the apparel company reported disappointing fourth-quarter sales and said its chief financial officer would leave in April. Figs' revenue was $145 million, while analysts surveyed by LSEG expected revenue of $150 million. Celsius Holdings – The energy drink maker's stock rose 20.4%, reaching an all-time high on the heels of a stronger-than-expected earnings report. Celsius reported 17 cents in earnings per share on revenue of $347.4 million for the fourth quarter. Analysts surveyed by LSEG expected earnings of 15 cents per share and revenue of $331.5 million. Duolingo – Shares jumped 22.2% after the edtech company beat fourth-quarter estimates and also delivered strong first-quarter and full-year revenue forecasts. Duolingo reported earnings of 26 cents per share on revenue of $151 million, beating analysts' expectations of 17 cents per share on revenue of $148 million, according to LSEG. – CNBC's Alex Haring, Yun Li and Michelle Fox Theobald contributed reporting.
