Check out the companies making headlines in midday trading.
Starbucks — Shares jumped 5.5% after the coffee chain raised its long-term financial forecast on Tuesday, and said it expects double-digit growth for revenue and per-share earnings as it makes changes to its cafes.
Twilio — Shares of Twilio rose 10% after the company said it's laying off 11% of its workforce, according to a filing with the Securities and Exchange Commission. The cloud communications software company, which is aiming to reach profitability by 2023, said the layoffs are part of a broader restructuring plan to improve operating margins, reduce operating costs and create a better selling capacity.
Johnson & Johnson — Shares of the health-care company rose 2.1% after announcing it will repurchase up to $5 billion of its common stock. The move comes ahead of the Inflation Reduction Act's 1% tax on buybacks, which goes into effect in 2023. Johnson & Johnson does not expect to incur debt to fund the repurchase program, the company said.
SoFi Technologies — Shares of the consumer finance app rose 5.8% after Bank of America upgraded the stock to buy from neutral, saying it could benefit from the student loan payment moratorium ending. The bank also said SoFi's high-profile NFL-aligned marketing investments are good for driving user growth and engagement.
Block — The payment stock dropped 1.5% after Evercore ISI downgraded Block to underperform from outperform and slashed its price target, saying challenges are mounting for the company.
— CNBC's Samantha Subin, Michelle Fox Theobald and Tanaya Macheel contributed reporting