Rivian, Allbirds, Humana, and more

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

Michael M. Santiago | Getty Images

Here are the stocks that are making the headlines on Wall Street at midday.

Humana — The insurance company’s shares fell 19.4% after Humana issued the updated guidance. The company reaffirmed its full-year earnings guidance for 2021 and lowered Medicare Advantage membership growth estimates for 2022.

CrowdStrike — Cybersecurity stock rose 4.6% Thursday after Wells Fargo began covering the company and categorized it as excess. The investment firm said in a note that CrowdStrike continues to have strong growth prospects despite recent difficulties on its shares.

Allbirds — Shares of the shoe company rose 12.2% after Morgan Stanley lifted the stock to overweight by equal weight. The company said Allbirds shares now look cheap after a sharp drop, bringing the shares below their initial public offering price from November.

Dick’s Sporting Goods — Shares of the retailer gained 1.4% after Dick’s issued updated guidance for the fourth quarter. The company said it now expects adjusted earnings of between $3.45 and $3.55 per share. Analysts had expected $2.88 per share, according to FactSet’s StreetAccount.

Rivian – Shares of electric vehicle startup Rivian fell 3% as the market exited high-growth stocks, despite a bullish call from Bank of America. Bank of America chose Rivian as one of its top choices for 2022. Amazon, the main EV backer, announced a deal with Stellantis on Wednesday, which could lead to additional selling pressure for Rivian.

Goldman Sachs – Shares of the bank fell 0.4% after Bank of America lowered the stock’s rating to neutral from buy. Wall Street also lowered its 12-month price target to $475 a share from $490 a share. Bank of America is being cautious about Goldman as it anticipates a tighter revenue growth background for its capital markets business due to moderation in trading and mergers and acquisitions activity.

Conagra Brands Food stocks fell 1.8% after Conagra missed earnings estimates for its fiscal second quarter. The company reported 64 cents in adjusted earnings per share, while analysts polled by Refinitiv had expected 68 cents per share. Conagra said inflation has hurt its profit margins.

MGM Resorts Hotel and casino stock rose 3% after Credit Suisse chose MGM as its top pick of 2022. The company cited positive trends in Las Vegas as reason for optimism toward MGM.

Lamb Weston — The food company’s shares jumped 7.5 percent after Lamb Weston beat estimates in net profit in its fiscal second quarter. The company reported 50 cents in adjusted earnings per share, compared to the 33 cents analysts had expected, according to FactSet’s StreetAccount. Lamb Weston also said it expects full-year net sales growth to be above its long-term target range.

Bed Bath & Beyond — Shares of the home goods retailer jumped 8% even after the company reported disappointing third-quarter financial results as earnings and sales missed analyst expectations. CEO Mark Triton said inventory shortages due to supply chain bottlenecks have cost Bed Bath & Beyond about $100 million. The company also lowered its financial forecast for this year.

Walgreens — Shares of the drugstore chain fell 2.9% after the company reported rising labor costs as pharmacists were overburdened with administering vaccines and filling prescriptions. However, Walgreens beat analysts’ expectations for fiscal first-quarter earnings, as customers came to stores for Covid vaccines and tests. It also raised its forecast for the year.

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Andrew Naughtie

News reporter and author at @websalespromo