Analyst commentary provided a key catalyst in Monday’s midday trading. This included declines in Beyond Meat (BYND) and Tyson Foods (TSN), which were dragged down by a Barclays downgrade.
On the other side of the spectrum, Anheuser-Busch InBev (BUD) pushed higher in the wake of a bullish comment from JPMorgan.
In other news, Anavex (AVXL) posted a double-digit percentage loss following the release of its business update. Meanwhile, Peloton (PTON) received a boost from a strong Black Friday showing for exercise equipment.
Decliners
Beyond Meat (BYND) and Tyson Foods (TSN) both showed weakness in midday trading, dragged down by a bearish turn from Barclays. Analyst Benjamin Theurer downgraded the stocks to Underweight from Equal Weight, blaming shifting consumer tastes for protein and the impact of inflation.
Hurt by the news, BYND and TSN both dropped nearly 3% in intraday action.
Anavex (AVXL) represented another standout decliner. Shares dropped almost 16% in midday trading after the company issued a business update. The company’s loss widened from last year, although its cash position remained steady. The company also said that it will release data from a clinical trial of its Alzheimer’s candidate ANAVEX on Dec. 1.
Gainers
An analyst’s upgrade sent Anheuser-Busch InBev (BUD) higher in midday trading, with the stock rising almost 3%. JPMorgan issued a double upgrade of the beer producer to Overweight from Underweight.
Analyst Jard Dinges argued that the company could outperform on the earnings front, helped in part on momentum in Latin America. Dinges also pointed to a rapidly deleveraging balance sheet as another positive catalyst.
Elsewhere, Peloton (PTON) edged higher following strong Black Friday data for exercise equipment. Information from Adobe Analytics showed that the category saw a 200% jump from last year. PTON ticked up 1% in intraday action.
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