Rivian, Allbirds, Humana and more

Here are the stocks making headlines on Wall Street in midday trading.

Humana — Shares of the insurance stock slid more than 10% after Humana released updated guidance. The company reaffirmed its full-year earnings guidance for 2021 and decreased its Medicare Advantage membership growth estimate for 2022.

CrowdStrike — The cybersecurity stock rose 6.3% on Thursday after Wells Fargo initiated coverage of the company and rated it overweight. The investment firm said in a note that CrowdStrike still had strong growth prospects despite the recent struggles for its shares.

Allbirds — Shares of the shoe company rose 10% after Morgan Stanley upgraded the stock to overweight from equal weight. The firm said that Allbirds’ stock now looked cheap after a sharp decline, which brought shares below their IPO price from November.

Dick’s Sporting Goods — Shares of the retailer gained 3.5% after Dick’s released updated guidance for its fourth quarter. The company said it now expects adjusted earnings of between $3.45 and $3.55 per share. Analysts were expecting $2.88 per share, according to FactSet’s StreetAccount.

Rivian — Shares of EV start-up Rivian sank 6% as the market rotated out of high-growth stocks, despite a bullish call from Bank of America. Bank of America named Rivian one of its top picks for 2022. Amazon, a key backer of the EV company, announced a deal with Stellantis on Wednesday, potentially creating additional selling pressure for Rivian.

Goldman Sachs — Shares of the bank slid about 1% in midday trading after Bank of America downgraded the stock to neutral from buy. The Wall Street firm also slashed its 12-month price target to $475 per share from $490 per share. Bank of America is cautious on Goldman as it expects a tougher revenue growth backdrop for its capital markets business due to a moderation in trading activity and M&A.

Conagra Brands — The food stock fell 1.6% after Conagra missed earnings estimates for its fiscal second quarter. The company reported 64 cents in adjusted earnings per share, while analysts surveyed by Refinitiv expected 68 cents per share. Conagra said inflation hurt its profit margins.

MGM Resorts — The hotel and casino stock gained 3.2% after Credit Suisse named MGM a top pick for 2022. The firm cited positive trends in Las Vegas as a reason to be optimistic for MGM.

Lamb Weston — Shares of the food company jumped 10% after Lamb Weston beat estimates on the top and bottom lines for its fiscal second quarter. The company reported 50 cents in adjusted earnings per share, compared with 33 cents expected by analysts, according to FactSet’s StreetAccount. Lamb Weston also said it expected its full-year net sales growth to be above its long-term target range.

Bed Bath & Beyond — Shares of the home goods retailer jumped more than 6% even after the company reported disappointing fiscal third-quarter results with earnings and sales missing analysts’ expectations. Chief Executive Mark Tritton said a lack of inventory due to supply chain bottlenecks cost Bed Bath & Beyond about $100 million. The company also cut its financial outlook for the year.

Walgreens — Shares of the drugstore chain fell more than 1% after the company spoke of rising labor costs as its pharmacists are stretched thin by administering vaccines and filling prescriptions. Still, Walgreens beat analysts’ expectations for fiscal first-quarter earnings, as customers came to stores for Covid vaccines and tests. It also raised its forecast for the year.