Stocks making the biggest moves midday: Netflix, Nio, BlackRock, Tesla and more

Finance

A button for launching the Netflix application is seen on a remote control in this photo illustration in Warsaw, Poland on April 25, 2019.

Jaap Arriens | NurPhoto | Getty Images

Check out the companies making headlines in midday trading. 

Netflix — Shares of the streaming video giant fell 6.5% after company missed earnings estimates gave guidance for subscriber growth that came in lower than Wall Street expected. The company also announced that Ted Sarandos would become co-chief executive officer.

Nio — Shares of electric car maker Nio dropped more than 14% after a Goldman Sachs analyst downgraded them to sell. The analyst cited concern around Nio’s valuation after the stock surged more than 60% last month. “We believe the current share price reflects over-optimism given no substantial changes to volume/profit expectations,” the analyst wrote in a note.

BlackRock — Shares of the money manager jumped 3.3% after it beat estimates on the top and bottom lines for its second quarter. The company reported adjusted earnings per share of $7.85 on $3.65 billion of revenue, showing growth in performance fees and technology service revenue. Analysts surveyed by Refinitiv expected $6.99 in earnings per share and $3.54 billion of revenue.

Facebook, Amazon, Microsoft, Alphabet — Alongside Netflix, the so-called FANG stocks slid, continuing technology stocks weakness this week. Facebook lost 0.5% and Alphabet dropped nearly 1%. Microsoft and Amazon lost 0.6% and 0.9%, respectively. All of the FANG stocks are headed for big weekly declines. 

State Street — Shares of State Street dropped 3.5% despite its better-than-expected quarterly earnings. The asset manager said it earned $1.86 per share in the latest quarter, helped by lower expenses and strong fee performance. Analysts polled by FactSet were expecting $1.58 a share.

J.B. Hunt — Shares of JB Hunt Transport gained 3% after the transportation and logistics company’s second-quarter earnings beat expectations. Wall Street also grew more bullish on the company following the results. Deutsche Bank upgraded the stock to hold from sell, citing pricing benefits and a better macro backdrop. Citigroup, UBS and Morgan Stanley all raised their price targets on JB Hunt Friday.

Tesla — Shares of the electric vehicle maker gained 1% after Credit Suisse doubled its target on the stock to $1,400 from $700. The firm maintained its neutral rating on the Elon Musk-led company, however. Shares of Tesla have more than tripled this year.

Carnival Corp., Norwegian Cruise, Royal Caribbean Cruises – Shares of the major cruise line operators all dropped more than 1% after the CDC extended a no-sail order through the end of September. The order, which was first announced in March, was set to expire on July 24.

Regions Financial — Shares of the company slid 3.2% after missing on its second quarter earnings. Third quarter net interest income guidance disappointed. 

— with reporting from Yun Li, Fred Imbert, Jesse Pound and Pippa Stevens. 

Articles You May Like

How To Slash Taxes On Employer Stock In A 401(k) Plan
Surprising Strengths In All Economic Areas Undergird GDP Growth
‘Inflation is like a regressive tax,’ economist says — only one group can ‘easily afford’ holiday spending this year
Eli Lilly stock tumbles after drug giant misses estimates and slashes profit guidance
Sigh of relief for UK tech founders as Labour hikes capital gains tax by less than feared

Leave a Reply

Your email address will not be published. Required fields are marked *