Disney, State Street, Occidental and more

Take a look at the businesses making headlines in noon buying and selling.

Occidental Petroleum — Shares of the power firm gained 5.7% after Truist upgraded the stock to a buy rating based mostly on an anticipated leap in shareholder returns. The agency additionally raised its goal on the inventory from $35 to $50, with the brand new forecast implying an almost 60% upside from Friday’s closing worth. APA and Diamondback Energy, in the meantime, superior greater than 3.2% and a pair of.7%, respectively, on the again of West Texas Intermediate crude futures, the U.S. oil benchmark, rising to its highest degree in seven years on Monday.

Zillow — The actual property inventory dropped 9% after Zillow introduced that it would not sign any new contracts to buy homes by way of the top of the 12 months “as a result of a backlog in renovations and operational capability constraints.” In a press launch, the corporate’s CEO cited labor and provide points as a motive for the backlog.

Walt Disney — Shares of the media large ticked 3.1% decrease in noon buying and selling after Barclays downgraded Disney to equal weight from obese. The Wall Road agency cited a slowdown in subscriber development for Disney+, saying that the corporate’s long-term subscriber targets appeared optimistic.

Albertsons — Albertsons shares rose greater than 3% after the grocery store chain’s quarterly earnings report beat Wall Road’s expectations. The corporate posted revenue of 64 cents per share on income of $16.51 billion, versus 45 cents per share on income of $15.86 billion anticipated, in accordance with StreetAccount. Albertsons additionally elevated its quarterly dividend by 20%.

Biogen — Shares of the drugmaker fell 3.6% in noon buying and selling after saying its late-stage trial of an experiment ALS therapy didn’t attain its major objective.

State Street — State Road shares added greater than 4% after the monetary providers agency’s third-quarter earnings beat expectations. The corporate posted adjusted earnings of $2 per share versus $1.92 per share anticipated, in accordance with StreetAccount. Income additionally topped projections. State Road mentioned it might resume its share buyback program within the second quarter of 2022.

Virgin Galactic — Shares of Virgin Galactic fell 1.5%, persevering with a slide from Friday, after UBS downgraded the stock to promote from impartial. The downgraded adopted Virgin’s announcement last week that it was delaying its subsequent flight launch till 2022.

Philips — Shares of Philips fell 1.5% after the Dutch medical expertise firm reported lower-than-expected quarterly income. Philips additionally lowered its gross sales and revenue outlook for the total 12 months, citing persistent provide chain challenges.

Stellantis — Shares of Stellantis retreated 1.9% after the automaker introduced it might type a three way partnership with battery marker LG Vitality Resolution to supply battery cells and modules for North America. The batteries can be equipped to Stellantis crops within the U.S., Canada and Mexico.

Revance Therapeutics — Shares of Revance Therapeutics plunged 41.3% after the U.S. Meals and Drug Administration late final week declined to approve the biotechnology firm’s frown line therapy. The therapy was seen as potential competitor to the Botox injection.

NetApp — Shares of NetApp fell 3.8% after Goldman downgraded the cloud computing inventory to a promote from impartial. Goldman additionally reduce its worth goal on the inventory to $81 per share from $85.

CDW — CDW shares rose 4.4% after the expertise firm introduced it might purchase Sirius Laptop Options for $2.5 billion in money.

Medtronic — Shares of Medtronic fell 4.9% after the corporate supplied an replace on a scientific examine of its Symplicity Renal Denervation System to decrease blood stress. Medtronic mentioned the examine’s unbiased security monitoring board didn’t suggest pausing the trial early.