Earnings news and analyst comments represented key catalysts in Friday's midday trading. UnitedHealth ( UNH ) saw intraday gains following the release of its quarterly results.
On the analyst front, Delta ( DAL ) pushed higher on an upgrade, following up on Thursday's earnings-related rally. At the same time, Northrop Grumman ( NYSE: NOC ) declined following a downgrade.
In other news, Beyond Meat ( BYND ) dropped after cutting its forecast and announcing job cuts.
Gainers
UnitedHealth ( UNH ) ticked higher in midday trading, rising about 1% after the company released its quarterly earnings report . The managed healthcare and insurance firm posted a Q3 profit that exceeded expectations, with revenue that jumped 12% from last year.
The firm also raised its 2022 outlook again, now forecasting a profit figure for the year of $20.85 to $21.05 per share. Previously, UNH had predicted $20.45 to $20.95 per share.
Elsewhere, Delta ( DAL ) added to its earnings-inspired upswing following a positive comment from Cowen . Analyst Helane Becker raised its rating on the stock to Outperform from Market Perform, prompting a 3% intraday advance in its stock price.
The climb followed a 4% advance on Thursday, when the company released better-than-expected financial figures.
Decliners
Beyond Meat ( BYND ) endured selling pressure in intraday trading, falling 7% after giving a cautious forecast and revealing cost-cutting moves. The producer of vegetable-based meat substitutes said it would reduce its current workforce by about 19%, impacting around 200 employees.
Meanwhile, BYND predicted Q3 net revenues of about $82M. Analysts were looking for a figure of around $116M. In addition, the company cut its full-year revenue forecast to $400M-$425M.
Northrop Grumman ( NOC ) also showed intraday weakness, retreating nearly 6% after JPMorgan downgraded its rating on the stock to Neutral from Overweight. The firm said the defense contractor’s stock has become expensive compared to its rivals.
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Hot Stocks: DAL rises on upgrade; NOC downgrade; UNH earnings; BYND falls on outlook, job cuts