General Electric, Rivian, Illumina and more
San Diego Offices of Illumina
Take a look at the top midday traders.
Illumina – Illumina shares surged 12.7% a day after the biotechnology company issued a 2022 revenue outlookThat exceeded consensus expectations. It also noted strong demand for gene-sequencing treatment and new partnerships with four other health-care businesses.
Albertsons Companies – The supermarket operator’s shares slid more than 6% despite the company reporting strong quarterly results. Albertsons posted earnings of 79c per share for the quarter, which beat estimates by 19 cents and exceeded forecasts.
Abercrombie & Fitch – Abercrombie shares rose 7% even after the retailer trimmed its holiday-quarter outlookMonday. According to the company, there was strong customer demand over the holiday season but that it didn’t have sufficient inventory due to disruptions in supply chains.
Advanced Micro Devices – The chip stock added 4.4% after KeyBanc upgradedIt will be overweight due to sector weight. It stated that AMD will benefit from strong cloud data center growth of high teens in 2022, which should be meaningfully faster than industry growth due to significant share gains.
General Electric – Shares of GE rose 2.4% after Bernstein initiated coverageThe stock has an outperform rating. It stated that it believes in the company’s ability to break down into three different businesses. The company stated that GE’s components are easily scalable public businesses and that shareholders will benefit from a better line of sight to financials, as well as improved access to end markets and financials.
T-Mobile — T-Mobile stock rose 3.4% in the aftermath Goldman Sachs added the stock to its conviction buy list. According to the firm’s estimation, the valuation of the telecom company is attractive.
IBM – The tech stock fell more than 2% after UBS downgraded it to sell from neutral. A number of risks are associated with the high valuation IBM has received from Wall Street firms in the near future, according to The Wall Street Firm.
Juniper Networks – The networking vendor saw its shares rise 1.6% following a double-upgrade by Bank of AmericaThe stock was upgraded to a buy rating from underperform by. It also increased its price target to $40 per share, up from $22 per shares. Juniper believes 2022 will prove to be an important year for networking, and the current guidance provided by management seems conservative.
CVS Health – Shares of the drug store operator and pharmacy benefits manager gained 1% after the company raised its full-year earnings outlookWe have reiterated our prior guidance for 2022. CVS anticipates that full-year earnings for 2021 will be between $5.87 and $5.92 per Share, an increase from the previous expectation of $5.50 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.