Target, Kohl’s, Peloton and more

Check out the companies making headlines in midday trading.

Target — Shares of the retailer fell 2.3% after the company said it will take a short-term hit to profits as it cancels orders and marks down unwanted merchandise. CEO Brian Cornell said the big-box retailer wants to clear room for merchandise including groceries and back-to-school supplies.

Kohl’s — The department store’s stock jumped 9.5% on news that it’s in negotiations with the parent company of The Vitamin Shoppe to purchase Kohl’s for $60 a share, which values Kohl’s at roughly $8 billion. Franchise Group’s stock gained 4.8%.

Peloton — The at-home fitness company’s shares closed down 0.4% after it announced Jill Woodworth, its chief financial officer, will leave the company after four years. Liz Coddington, a former executive at Amazon and Netflix, will take her place starting June 13.

Apple — Apple shares rose about 1.8% following the iPhone maker’s WWDC event on Monday, where it announced its M2 chip, a buy now/pay later offering and updates to CarPlay.

BuzzFeed — Shares of the media company bounced 2.7% after plummeting about 41% Monday following the expiration of its IPO lockup period.

GitLab — The cloud-based software provider’s stock surged 28% on a smaller-than-expected loss in the latest quarter. GitLab also beat revenue estimates and shared strong revenue guidance for the current quarter.

J.M. Smucker — Shares of the food company rose 5.8% after earnings and revenue in the latest quarter beat analysts’ estimates. Adjusted earnings per share came in 35 cents above analysts’ forecasts.

United Natural Foods — Shares of the food wholesaler dropped 3.2% despite United Natural’s fiscal third-quarter results beating expectations. The company reported $1.10 in adjusted earnings per share on $7.24 billion in revenue. Analysts surveyed by Refinitiv were expecting 97 cents in earnings per share on $7.1 billion of revenue. Company executives said on an investor call that inflation remains elevated.

— CNBC’s Tanaya Macheel, Jesse Pound and Yun Li contributed reporting.