Business

Rivian, Allbirds, Humana and others

Rivian electric trucks are parked outside the Nasdaq MarketSite in Times Square on November 10, 2021 in New York City.

Michael M. Santiago | Getty Images

Here are the stocks that hit the headlines on Wall Street during midday trading.

Humana – Insurance stocks fell more than 10% after Humana released updated forecasts. The company reaffirmed its 2021 full year profit forecast and lowered its 2022 Medicare Advantage growth forecast.

CrowdStrike – Cybersecurity shares were up 6.3% Thursday after Wells Fargo initiated coverage of the company and assessed it as an overweight. The investment firm’s note said CrowdStrike continues to have good growth prospects despite the recent rivalry over its stock.

Allbirds – Shares in the shoe company rallied 10% after Morgan Stanley raised its equity to overweight. The firm said Allbirds’ shares now look cheap after plummeting, bringing the share price below its November IPO price.

Dick’s Sporting Goods – The retailer rose 3.5% after Dick’s released its updated fourth-quarter forecast. The company said it now expects adjusted earnings of $ 3.45 to $ 3.55 per share. Analysts were expecting $ 2.88 a share, according to StreetAccount FactSet.

Rivian – Shares in electric car startup Rivian tumbled 6% as the market ditched high-growth stocks despite an upbeat call from Bank of America. Bank of America named Rivian one of its favorites for 2022. Amazon, a key sponsor of EV, on Wednesday announced a deal with Stellantis, which could potentially create additional seller pressure on Rivian.

Goldman Sachs – The bank fell about 1% at noon after Bank of America downgraded its rating from Buy to Neutral. The Wall Street firm also cut its 12-month target price to $ 475 a share from $ 490 a share. Bank of America is wary of Goldman as it expects stronger revenue growth for its capital markets business due to curtailed trading activity and mergers and acquisitions.

Conagra Brands – Food stocks fell 1.6% after Conagra missed fiscal second quarter earnings estimates. The company reported adjusted earnings per share of 64 cents, while analysts polled by Refinitiv expected 68 cents per share. Conagra said inflation has hurt its profitability.

MGM Resorts – Shares in hotels and casinos surged 3.2% after Credit Suisse named MGM the top choice for 2022. The company cited the positive trends in Las Vegas as reason for optimism about MGM.

Lamb Weston – Food stocks jumped 10% after Lamb Weston beat top and bottom forecasts in its fiscal second quarter. According to StreetAccount FactSet, the company’s adjusted earnings were 50 cents a share, compared with 33 cents analysts expected. Lamb Weston also said it expects its net sales for the year to grow above its long-term target range.

Bed Bath & Beyond – Shares in the home furnishings retailer jumped more than 6% even after the company reported disappointing third-quarter financial results when earnings and sales fell short of analysts’ expectations. CEO Mark Tritton said stock shortages due to supply chain bottlenecks cost Bed Bath & Beyond approximately $ 100 million. The company also lowered its financial outlook for the year.

Walgreens – Shares of the pharmacy chain fell more than 1% after the company reported rising labor costs as its pharmacists struggle with administering vaccines and prescribing. However, Walgreens beat analysts’ expectations for fiscal first quarter earnings as customers came to stores for vaccines and Covid tests. The forecast for the year was also raised.


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