Uber, Lyft, Kraft Heinz, and More

U.S. equities rallied back from Tuesday’s inflation-induced sell-off, with the Dow, S&P 500, and Nasdaq all higher at midday Wednesday.

Uber Technologies (UBER) was the best-performing stock in the S&P 500 after the ride sharing company said it would buy back up to $7 billion of its shares, in its first buyback program.

Lyft shares (LYFT) surged after posting better-than-expected earnings and making a mistake in its release that raised its profit margin projection, which the company clarified in its earnings call.

Shares of IQVIA Holdings (IQV) jumped after the life sciences company posted strong results as its research and development solutions unit’s sales grew 9.2% from a year ago.

Ball Corporation (BALL) shares advanced as the aluminum packaging and aerospace firm reported the Department of Justice completed its review of Ball’s planned sale of its aerospace business to BAE Systems for approximately $5.6 billion.

Kraft Heinz (KHC) shares dipped after the maker of Heinz ketchup and Kraft macaroni and cheese said sales declined after the food giant raised prices and consumers pulled back spending.

Shares of Generac Holdings (GNRC) slid on slowing demand for the generator manufacturer’s commercial products.

Campbell Soup (CPB) shares fell as the canned soup giant announced it would close its $2.33 billion purchase of Rao’s Homemade owner Sovos Brands (SOVO) soon after March 11, pending regulatory clearance. Shares of Sovos Brands advanced. 

Oil and gold futures lost ground. The yield on the 10-year Treasury note dropped. The U.S. dollar was up versus the pound, but down against the euro and yen. The price of Bitcoin soared above $51,000, and other major cryptocurrencies gained as well. Shares of crypto trading platform Coinbase Global (COIN) soared.