Boeing employees beneath company 787 Dreamliner (N787BX) at the Farnborough Airshow. On its first flight outside of the US during its testing programme, the newest airliner in the Boeing aviation family, has arrived at the air show for a few days of exhibitions to the aerospace-buying community and the trade press.

Richard Baker / In Pictures Ltd./Corbis / Getty Images

Check out the companies making headlines in midday trading.

Boeing — Shares of the aerospace giant slipped 1.7% after Cowen downgraded its rating on Boeing to market perform from outperform. The firmed warned that Boeing’s free cash flow is likely to hold steady in the coming years as the company’s “turnaround will take time” as it works through issues with its 737 Max aircraft. The Cowen note did not reference Tuesday’s crash of Boeing 737-800 aircraft in Iran.

Walgreens — Shares of Walgreens Boots Alliance tanked 5.8% following top and bottom line misses for its first quarter earnings. The company reported earnings per share of $1.37 on revenue of $34.339 billion. Wall Street expected earnings per share of $1.41 on revenue of $34.604 billion, according to Refinitiv.

Lennar — Shares of Lennar rose nearly 1% after reporting fourth-quarter results that topped Wall Street projections. The home builder reported $2.13 in earnings per share on $6.97 billion in revenue. Analysts expected $1.90 in earnings per share and $6.55 billion in revenue, according to Refinitiv. Lennar also said new orders increased by 23% compared with the same quarter the prior year. Other home builder companies, including M/I Homes, Toll Brothers and PulteGroup, were up more than the broader market following the Lennar quarterly report.

Constellation Brands — Shares of Constellation Brands popped 3.6% after reporting strong third quarter earnings and raising its full year earnings guidance. The wine and beer distributor earned $2.14 per share, topping estimates by 31 cents, according to Refinitiv. Revenue came in at $1.999 billion, while analysts expected revenue of $1.949 billion.

V.F. Corp. — Shares of V.F. Corp. dipped 1.7% after Wedbush downgraded the footwear and apparel company to neutral from outperform. The downgrade was mainly based on valuation and investor expectations for upside generated by Vans and to a lesser extent The North Face, Wedbush said.

Phillips 66, Marathon Oil — Shares of Phillips 66 and Marathon Oil both fell more than 3%, dragging down the broad market. Oil companies came under pressure after crude prices erased earlier gains on Iran’s retaliation. Iran’s rocket attack on American forces in Iraq didn’t target oil infrastructure that could have disrupted global crude supply, sparking a decline in oil prices. The S&P 500 energy sector was the biggest loser among the 11 groupings, down more than 1%.

Cisco — Shares of Cisco Systems dropped about 1% at one point and finished the day little changed after the stock was downgraded to neutral from buy at Bank of America. Analysts cited a potential slowdown in the standout security and applications segment of the business and a decline in stock buybacks as reasons for the change. Bank of America also lowered its price target to $52 per share from $56, about 9.5% above where the shares closed on Tuesday.

— CNBC’s Jesse Pound, Michael Sheetz and Maggie Fitzgerald contributed reporting.

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