Occidental Petroleum — Shares of the vitality firm gained 4% after Truist upgraded the inventory to a purchase ranking primarily based on an anticipated bounce in shareholder returns. The agency additionally raised its goal on the inventory from $35 to $50, with the brand new forecast implying a virtually 60% upside from Friday’s closing worth. APA and Diamondback Vitality, in the meantime, superior 2.1% and 0.9%, respectively, on the again of West Texas Intermediate crude futures, the U.S. oil benchmark, rising to its highest stage in seven years on Monday.
Zillow — The actual property inventory dropped 9.5% after Zillow introduced that it wouldn’t signal any new contracts to purchase houses by the tip of the yr “on account 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% 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 3.3% 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, based on StreetAccount. Albertsons additionally elevated its quarterly dividend by 20%.
Biogen — Shares of the drugmaker fell 4.1% in noon buying and selling after asserting its late-stage trial of an experiment ALS remedy didn’t attain its main objective.
State Road — State Road shares added 2.2% 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, based on StreetAccount. Income additionally topped projections. State Road stated it will 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 inventory to promote from impartial. The downgraded adopted Virgin’s announcement final week that it was delaying its subsequent flight launch till 2022.
Philips — Shares of Philips fell 3.1% after the Dutch medical expertise 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 2% after the automaker introduced it will type a three way partnership with battery marker LG Vitality Answer to provide battery cells and modules for North America. The batteries can be provided to Stellantis vegetation within the U.S., Canada and Mexico.
Revance Therapeutics — Shares of Revance Therapeutics plunged 39.2% after the U.S. Meals and Drug Administration late final week declined to approve the biotechnology firm’s frown line remedy. The remedy was seen as potential competitor to the Botox injection.
NetApp — Shares of NetApp fell 4.3% 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 4.8% after the expertise firm introduced it will purchase Sirius Pc Options for $2.5 billion in money.
Medtronic — Shares of Medtronic fell 5.5% after the corporate supplied an replace on a medical research of its Symplicity Renal Denervation System to decrease blood stress. Medtronic stated the research’s unbiased security monitoring board didn’t advocate pausing the trial early.