Disney, State Street, Occidental and more – .

Disney, State Street, Occidental and more – .

Find out which companies are making the midday headlines.
Occidental Petroleum – Shares of the energy company gained 5.7% after Truist upgraded the stock to a buy rating based on an expected jump in shareholder returns. The company also raised its target on the stock from $ 35 to $ 50, with the new forecast implying a nearly 60% rise from Friday’s closing price. APA and Diamondback Energy, meanwhile, rose more than 3.2% and 2.7%, respectively, on futures contracts on West Texas Intermediate crude, the benchmark of U.S. oil, reaching its highest point. high level in seven years Monday.

Zillow – Real estate stock fell 9% after Zillow said it would not sign any new home purchase contracts by the end of the year “due to a backlog of renovations and restraints. operational capacity ”. In a press release, the company’s CEO cited labor and supply issues as the reason for the backlog.

Walt Disney – Shares of the media giant were down 3.1% at midday after Barclays demoted Disney to an equal weight to the overweight. The Wall Street firm cited a slowdown in subscriber growth for Disney +, saying the company’s long-term subscriber goals appeared optimistic.

Albertsons – Albertsons shares rose more than 3% after the supermarket chain’s quarterly earnings report beat Wall Street expectations. The company posted earnings of 64 cents per share on revenue of $ 16.51 billion, compared with 45 cents per share on expected revenue of $ 15.86 billion, according to StreetAccount. Albertsons also increased its quarterly dividend by 20%.

Biogen – The drugmaker’s shares fell 3.6% at midday after announcing that its late-stage trial of an experimental treatment for ALS had failed to meet its primary goal.

State Street – State Street shares rose more than 4% after the financial services firm’s third-quarter earnings beat expectations. The company posted adjusted earnings of $ 2 per share versus expected $ 1.92 per share, according to StreetAccount. Revenue also exceeded expectations. State Street has announced that it will resume its share buyback program in the second quarter of 2022.

Virgin Galactic – Shares of Virgin Galactic fell 1.5%, continuing a decline from Friday, after UBS lowered the share to sell from neutral. The downgrade follows Virgin’s announcement last week that it was delaying its next flight launch until 2022.

Philips – Shares of Philips fell 1.5% after the Dutch medical technology company reported lower than expected quarterly earnings. Philips also lowered its full-year sales and profit outlook, citing lingering supply chain problems.

Stellantis – Stellantis shares fell 1.9% after the automaker said it would form a joint venture with battery marker LG Energy Solution to produce battery cells and modules for North America. The batteries would be supplied to Stellantis factories in the United States, Canada and Mexico.

Revance Therapeutics – Shares of Revance Therapeutics plunged 41.3% after the United States Food and Drug Administration refused at the end of last week to approve the treatment from the frontline of the biotech company . The treatment was seen as a potential competitor to Botox injection.

NetApp – Shares of NetApp fell 3.8% after Goldman lowered the cloud computing stock to a sell-off from neutral. Goldman also lowered its share price target to $ 81 per share from $ 85.

CDW – Shares of CDW rose 4.4% after the tech company said it would acquire Sirius Computer Solutions for $ 2.5 billion in cash.

Medtronic – Medtronic shares fell 4.9% after the company provided an update on a clinical study of its Symplicity renal denervation system for lowering blood pressure. Medtronic said the study’s independent safety oversight committee was not recommending that the trial be suspended prematurely.

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