Check out the companies making headlines in midday trading:
Apple — Apple shares rose about 1% and hit a record high after China and the U.S. confirmed they had reached a phase one trade agreement. With the deal, additional tariffs set for rollout on Sunday will be delayed. Some tariffs on $120 billion in Chinese products are also being rolled back. China is Apple's third-biggest region by sales.
HanesBrands — An analyst at Bank of America downgraded HanesBrands to underperform from neutral, sending the stock down 3.5%. "We see risk of multiple contraction as Champion sales decelerate from peak levels and the C9 exit from Target constrains 2020 sales and EPS growth," the analyst said in a note.
Costco Wholesale — The bulk goods retailer's stock fell 1.5% after reporting first-quarter results that saw a dramatic slowdown in online sales compared to previous years. Costco's first-quarter earnings of $1.73 a share were slightly above the expected $1.72 a share according to analysts surveyed by Refinitiv.
Gilead Sciences — Shares of Gilead fell more than 2% after Credit Suisse lowered its rating of the stock to neutral and cut its price target to $63.
Oracle — Shares of Oracle dropped nearly 3% after the business software giant reported quarterly revenue that fell short of expectations. Oracle posted revenues of $9.61 billion in the second quarter of its fiscal year, versus $9.65 billion expected by analysts, according to Refinitiv. Chairman Larry Ellison also said the company would not be hiring a second CEO to work alongside Safra Catz following the death of co-CEO Mark Hurd.
Adobe — Shares of Adobe jumped more than 4% after beating on the top and bottom lines of its fiscal fourth-quarter earnings. The computer software company reporting earnings per share of $2.29 on revenue of $2.99 billion. Analysts expected earnings per share of $2.26 on revenue of $2.97 billion, according to Refinitiv. Next quarter earnings forecast was in line with estimates at $2.23 per share.
Broadcom — Shares of the semiconductor company dropped more than 4% after the company's 2020 guidance failed to impress Wall Street. The company expects full-year 2020 revenues between $24.5 billion and $25.5 billion, higher than analysts forecast of $23.26 billion. An analyst at Summit Insights Group told Reuters $25 billion is not a very strong outlook with its semiconductor business expected to grow at about 4% year-over-year to about $18 billion.
– CNBC's Maggie Fitzgerald, Fred Imbert, Michael Sheetz and Yun Li contributed to this report.