3 Stocks Making Outsized Midday Moves

Walgreens Boots Alliance is enjoying a post-earnings boost

Deputy Editor
Oct 12, 2023 at 12:17 PM
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JD.com Inc (NASDAQ:JD) and Beyond Meat Inc (NASDAQ:BYND) are moving after analysts notes, while Walgreens Boots Alliance (NASDAQ:WBA) gets a lift from an upbeat earnings report.

Blue-Chip Giant Soars After Earnings

Walgreen Boots Alliance stock is up 4.7% at $23.66 at last check, even after the company's fiscal fourth-quarter earnings of 67 cents per share came in 2 cents below the average estimates amid decreased demand for Covid tests and vaccines. Its revenue of $35.42 billion was above forecasts, however, and the company provided soft profit guidance for the full year.

Once again, the $24 area is thwarting WBA's rally from its lowest level since 2009. The stock is on track to close above its 40-day trendline for the first time since late July, though it remains down 36.7% in 2023.

Jefferies Calls JD.Com's  Revenue Into Question

Jefferies today cut its price target on U.S.-listed shares of Chinese e-commerce firm JD.Com to $80 from $97, citing impending macro headwinds as consumer sentiment recovers. Specifically, in its bear note, the analyst said it expects "JD Retail revenue growth to be flattish [year over year]."

Last seen down 6.5% at $28.36, a familiar floor at the $28 level saved JD from falling even further on the charts. The security is already down nearly 50% year to date, pressured lower by its 20-day moving average over the last two months, with just two closes above the trendline since Aug. 11.

Mizuho More Than Halves Price Target on Beyond Meat Stock

Mizuho downgraded plant-based meat products manufacturer Beyond Meat stock to "underperform" from "neutral," and cut its price target to $5 from $12. The brokerage cited macro pressures and a lack of product innovation, suggesting downside risks through 2024.

At last glance, BYND was down 5.8% at $8.33, sitting just above its Oct. 6 year-to-date low of $8.34. The stock is down on most fronts, sporting 32.3% and 41.3% year-to-date and year-over-year deficits, respectively. Its 10-day moving average began pressuring the shares lower in early September, though it managed to close above the trendline yesterday.

 

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