Earnings news stirred trading in Thursday's midday action. This included declines in Campbell Soup ( NYSE: CPB ) and Ciena ( CIEN ), which both dropped in the wake of their respective quarterly results.
Five Below ( FIVE ) moved in the opposite direction following the release of its financial figures. Optimistic store-opening plans encouraged buying in the stock.
Elsewhere in the market, GoodRx ( GDRX ) dropped after it announced a restructuring program that included the cutting of 140 jobs.
Decliners
Campbell Soup ( CPB ) lost ground following the release of its quarterly update . While the company's most recent quarter saw solid results, investors worried about ongoing inflation headwinds.
The packaged food company broadly matched expectations with its Q4 results, with revenue that climbed about 6% from last year. However, shares fell almost 5% after its CEO noted that inflation will likely "remain elevated." CPB noted that it has made productivity improvements and instigated cost-cutting programs to offset the impact of higher expenses.
Meanwhile, earnings news also prompted selling in Ciena ( CIEN ). Shares dropped 9% after the telecom networking equipment maker missed expectations in Q3 on both the top and bottom lines. Revenue dropped 12% from last year.
Ciena CEO Gary Smith said of the quarter: "Despite continued strong customer demand, our fiscal third quarter financial results were negatively impacted by late delivery and substantially lower-than-committed volume from a small number of suppliers for specific components that are essential for delivering finished goods to our customers."
In other news, GoodRx ( GDRX ) saw weakness after it announced a restructuring program that included laying off 16% of its workforce. Shares dropped almost 7% on the program, which the company said is meant to "re-balance its investments and cost structure into prioritized areas."
Gainers
Despite results that failed to meet Wall Street expectations, Five Below ( FIVE ) drew buying interest. Shares of the low-price retailer climbed 6% following the release of its latest financial figures .
The company missed expectations for both earnings and revenue. However, investors focused on the firm's aggressive store-opening plan. The company said it plans to open about 160 new locations this year.
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Hot Stocks: CPB, CIEN drop on earnings news; FIVE rallies; GDRX falls on restructuring