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FinanceStocks making the biggest moves midday: Adobe, AT&T, Robinhood, more

Stocks making the biggest moves midday: Adobe, AT&T, Robinhood, more

The Adobe Systems emblem is displayed exterior one in every of the firm’s workplaces.

David Paul Morris | Bloomberg | Getty Images

Check out the firms making headlines in noon buying and selling.

Adobe — Shares of Adobe sank 11.4% after issuing weaker-than-expected steering. Adobe forecast fiscal 12 months 2022 adjusted earnings of $13.70 per share versus the $14.26 per share consensus expectation from Refinitiv.

AT&T — Shares of telecom big AT&T rallied 7.4% after Morgan Stanley upgraded the inventory to an chubby ranking from equal-weight. The agency mentioned AT&T shares look engaging after the inventory’s underperformance this 12 months. More visibility into AT&T’s WarnerMedia and Discovery deal ought to present a progress catalyst subsequent 12 months, in accordance with Morgan Stanley.

Robinhood — Shares of the inventory buying and selling app fell more than 6% after Bank of America initiated protection of the inventory with an underperform ranking. The Wall Street agency mentioned “the perfect storm” from the pandemic is over for Robinhood, and it estimated that the dealer’s natural progress and buying and selling exercise might face a multi-year headwind as shopper engagement fades.

Accenture — Shares of Accenture surged 7.2% after the consulting agency reported better-than-expected quarterly revenue and income. The firm posted earnings of $2.78 per share on income of $14.97 billion. Analysts surveyed by Refinitv anticipated a revenue of $2.63 per share on income of $14.19 billion. Accenture additionally raised its earnings steering for fiscal 2022.

Lennar — Lennar shares fell 4.2% after the homebuilder’s quarterly report missed Wall Street expectations. The firm posted earnings of $3.91 per share, beneath the $4.15 consensus estimate from Factset, and the homebuilder’s income additionally fell wanting projections. Lennar reported greater lumber and labor prices elevated labor prices and uncooked materials shortages.

Novartis — Novartis shares gained 5.6% after the drugmaker launched a share buyback program of as much as $15 billion. The firm expects to execute its program by the finish of 2023.

Petco Health — Shares of Petco gained 1.6% after Needham initiated protection of the pet merchandise retailer with a purchase ranking. Needham mentioned Petco ought to outperform rivals in the pet class.

Bank of America — Bank of America rose 2.5% after JPMorgan named it a prime inventory decide for 2022. JPMorgan mentioned Bank of America is a “larger beneficiary of higher rates” as the Federal Reserve ready to lift rates of interest subsequent 12 months.

Medtronic — Medtronic shares rose 2.8% after Wells Fargo downgraded the inventory to equal weight from chubby. The agency cited “recent setbacks and delays to four of MDT’s key pipeline products.”

Under Armour — Shares of Under Armour fell 4.1% after Stifel downgraded the inventory to a maintain ranking from purchase. Stifel mentioned it has “lower confidence” in Under Armour’s income and margin upside.

Airbnb — Airbnb shares fell 6.7% after RBC downgraded the inventory to sector carry out from outperform. The agency mentioned Airbnb’s danger versus reward is “ultimately appearing too balanced at current levels to warrant the Outperform.”

Ford — Ford shares rallied 1.6% after Wells Fargo named the auto inventory a prime decide in the new 12 months. The agency mentioned, “We expect the auto recovery trade will finally start to work in 2022.”

— CNBC’s Yun Li and Tanaya Macheel contributed reporting

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