Stocks making the biggest moves midday: General Electric, Rivian, Illumina and more
Check out the companies making headlines in midday trading.
Illumina – Illumina shares surged 12.7% a day after the biotechnology company issued a 2022 revenue outlook that topped consensus expectations. The company also highlighted strong demand for its gene-sequencing treatments as well as new partnerships with four health-care companies.
Albertsons Companies – The supermarket operator's shares slid more than 6% despite the company reporting strong quarterly results. Albertsons reported earnings for the quarter of 79 cents per share, beating estimates by 19 cents, and posted revenue topping forecasts.
Rivian Automotive – Shares of the electric vehicle maker rose about 4.3% after Redburn initiated coverage of the stock at a buy and said the company the best chance to "emulate" Tesla's success.
Abercrombie & Fitch – Abercrombie shares rose 7% even after the retailer trimmed its holiday-quarter outlook on Monday. The company said there was strong demand from customers over the holidays but it did not have enough inventory to sell due to supply chain disruptions.
Las Vegas Sands – The casino stock rose 8% after an upgrade from JPMorgan. The firm raised its rating on Las Vegas Sands to overweight from neutral and added the name to its focus list.
Advanced Micro Devices – The chip stock added 4.4% after KeyBanc upgraded it to overweight from sector weight. The firm said, "AMD is poised to benefit from robust high teens cloud data center growth in 2022 and should meaningfully outpace industry growth given significant share gains."
General Electric – Shares of GE rose 2.4% after Bernstein initiated coverage of the stock with an outperform rating. The firm said it is bullish on the conglomerate's break up into three separate businesses. "GE's component parts are easily scalable public companies, and improved line of sight to financials and end markets will only benefit shareholders," the company said.
T-Mobile — T-Mobile shares rose 3.4% after Goldman Sachs added the stock to its conviction buy list. The firm said the telecom company has an attractive valuation.
IBM – The tech stock fell more than 2% after UBS downgraded it to sell from neutral. The Wall Street firm cited a slew of near-term risks from operating results to IBM's high valuation.
Juniper Networks – The networking vendor saw its shares rise 1.6% following a double-upgrade by Bank of America, which changed its rating to a buy from underperform and hiked its price target on the stock to $40 per share from $22 per share. The firm said 2022 will be a big year for networking and that Juniper's current guidance from management appears conservative.
CVS Health – Shares of the drug store operator and pharmacy benefits manager gained 1% after the company raised its full-year earnings outlook and reiterated prior guidance for 2022. CVS expects full-year 2021 earnings to be in a range of $5.87 to $5.92 per share, up from previous expectations of $5.50 to $5.61 per share.
Big Lots – Shares of the discount retailer fell 2.7% after the company said traffic and sales have slowed in January as the Covid omicron variant spreads and winter weather rolls in.
— CNBC's Tanaya Macheel and Yun Li contributed reporting.