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 primarily based 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 value. 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 via the tip of the yr “as a consequence of a backlog in renovations and operational capability constraints.” In a press launch, the corporate’s CEO cited labor and provide points as a cause 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 chubby. The Wall Avenue agency cited a slowdown in subscriber progress for Disney+, saying that the corporate’s long-term subscriber objectives appeared optimistic.

Albertsons — Albertsons shares rose greater than 3% after the grocery store chain’s quarterly earnings report beat Wall Avenue’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 response to StreetAccount. Albertsons additionally elevated its quarterly dividend by 20%.

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

State Street — State Avenue shares added greater than 4% after the monetary companies agency’s third-quarter earnings beat expectations. The corporate posted adjusted earnings of $2 per share versus $1.92 per share anticipated, in response to StreetAccount. Income additionally topped projections. State Avenue 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 know-how firm reported lower-than-expected quarterly income. Philips additionally lowered its gross sales and revenue outlook for the total yr, 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 provide battery cells and modules for North America. The batteries could be provided 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 lower its value goal on the inventory to $81 per share from $85.

CDW — CDW shares rose 4.4% after the know-how firm introduced it might purchase Sirius Pc Options for $2.5 billion in money.

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