Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Monday, January 22nd I'm your host Kim Khan. Our top story so far.

Archer Daniels Midland shares are plunging after it placed CFO Vikram Luther on administrative leave pending an investigation into

certain accounting practices and procedures related to the company's

nutrition segment. The move came in response to a document request by the

Securities and Exchange Commission.

As a result of the announcement, ADM said it expects to delay its Q4 earnings release, as well as the

filing of its annual report on Form 10K for 2023. The company is withdrawn guidance for the nutrition unit and now

expects to deliver above $6.90 a share and adjusted earnings for full year 2023 after

previously forecasting full year profits above $7 a share.

The nutrition segment's 2023 operating income is forecast to fall more than 18 percent

to the lowest since 2020, according to analyst estimates.

Wall Street was quick to revise its outlook.

Baird analyst Ben Callow downgraded ADM to neutral from outperform

with a $61 price target slash from $96,

believing the investigation will remain an overhang for the stock until cleared.

Goldman Sachs analyst Adam Samuelson also cut shares to neutral,

with a $67 price target cut from $90 saying the latest development

will cloud ADMs near to medium term investment case.

And Roth M KM's Brian Wright cut the stock to neutral from buy with a $66 price target slash from $98.

In today's trading, stocks are higher as yields fall back a little.

The major averages are up around half a percent with the

...