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

The Adobe Systems logo is displayed outside one of the company’s offices.

David Paul Morris | Bloomberg | Getty Images

Find out which companies are making headlines in midday trading.

Adobe – Adobe shares fell 11.4% after posting weaker-than-expected guidance. Adobe forecasts adjusted earnings of $ 13.70 per share for fiscal 2022, compared to $ 14.26 per share for Refinitiv.

AT&T – Shares of telecommunications giant AT&T rose 7.4% after Morgan Stanley raised the stock to overweight to equal weight. The company said AT&T stocks were attractive after the stock’s underperformance this year. Greater visibility of AT & T’s WarnerMedia and Discovery deal should provide a catalyst for growth next year, according to Morgan Stanley.

Robinhood – Stocks in the stock trading app fell more than 6% after Bank of America launched stock coverage with an underperformance rating. The Wall Street firm said the “perfect storm” of the pandemic is over for Robinhood, and it estimated that the broker’s organic growth and business activity could face a multi-year headwind as the customer engagement is fading.

Accenture – Shares of Accenture jumped 7.2% after the consulting firm reported better-than-expected quarterly earnings and earnings. The company posted earnings of $ 2.78 per share on revenue of $ 14.97 billion. Analysts polled by Refinitv expected earnings of $ 2.63 per share on revenue of $ 14.19 billion. Accenture has also raised its profit guidance for fiscal 2022.

Lennar – Lennar shares fell 4.2% after the homebuilder’s quarterly report missed Wall Street expectations. The company posted earnings of $ 3.91 per share, lower than Factset’s consensus estimate of $ 4.15, and the homebuilder’s earnings were also lower than expected. Lennar reported rising lumber and labor costs, rising labor costs, and raw material shortages.

Novartis – Shares of Novartis gained 5.6% after the drugmaker launched a share buyback program of up to $ 15 billion. The company plans to execute its program by the end of 2023.

Petco Health – Shares of Petco gained 1.6% after Needham launched cover for the pet products retailer with a buy note. Needham said Petco is expected to outperform its competition in the companion animal category.

Bank of America – Bank of America rose 2.5% after JPMorgan named it one of the top stock picks for 2022. JPMorgan said Bank of America is a “biggest rate beneficiary over high “as the Federal Reserve prepared to raise interest rates next year.

Medtronic – Shares of Medtronic rose 2.8% after Wells Fargo lowered the stock to equal weight against the overweight. The company cited “recent setbacks and delays in four of MDT’s major pipeline products.”

Under Armor – Under Armor shares fell 4.1% after Stifel lowered the stock to a holding rating from buy. Stifel said he had “less confidence” in Under Armor’s revenue and rising margin.

Airbnb – Airbnb shares fell 6.7% after RBC downgraded the stock’s rating to sector performance from outperformance. The company said Airbnb’s risk / reward “ultimately seems too balanced at current levels to justify the outperformance.”

Ford – Ford shares rose 1.6% after Wells Fargo named the auto title one of the New Year’s top picks. The company said, “We expect the auto salvage business to finally start operating in 2022.”

– CNBC’s Yun Li and Tanaya Macheel contributed reporting

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