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Home»Finance»Stocks making biggest moves midday: Netflix, American Airlines, J&J
Finance

Stocks making biggest moves midday: Netflix, American Airlines, J&J

July 20, 2023No Comments4 Mins Read
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Stocks making biggest moves midday: Netflix, American Airlines, J&J
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Johnson & Johnson Covid-19 vaccines are seen on a table in Los Angeles, May 7, 2021.

Frederic J. Brown | AFP | Getty Images

Check out the companies making headlines in midday trading.

Netflix — Netflix dropped more than 8% after reporting mixed quarterly results Wednesday. The streaming giant beat on earnings per share for the second quarter, but its revenue of $8.19 billion fell short of the $8.30 billion expected from analysts polled by Refinitiv.

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Tesla — Tesla shares tanked more than 6%. The electric-vehicle maker topped Wall Street’s top-and-bottom line expectations but showed a drop in operating margins due to recent price cuts and incentives.

American Airlines — The airline shed more than 6% even after posting strong quarterly results and lifting its profit outlook for 2023. American Airlines reported adjusted earnings of $1.92 a share on $14.06 billion in revenue. Analysts had expected earnings per share of $1.59 on revenue of $13.74 billion.

IBM — The tech stock climbed more than 3% after the company reported earnings in the second quarter that topped analysts’ estimates as the company expanded its gross margin. However, IBM did post a revenue miss, caused partly by a slump in the infrastructure division.  

Johnson & Johnson — The stock jumped 6%, lifting the 30-stock Dow Jones Industrial Average, after Johnson & Johnson posted second-quarter revenue and adjusted earnings that topped Wall Street’s expectations. Johnson & Johnson also lifted its full-year guidance as sales from the company’s medtech business jumped.

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Abbott Laboratories — Shares of the health-care products company rose nearly 4% after Abbott beat estimates on the top and bottom lines for the second quarter. The company reported $1.08 in adjusted earnings per share on $9.98 billion of revenue. Analysts were looking for $1.05 per share on $9.70 billion of revenue, according to Refinitiv. The company’s sales did decrease more than 11% year over year as customers bought fewer Covid-19 tests.

Discover Financial Services — Shares tumbled 14% after the company’s second-quarter results missed analysts’ estimates on both top and bottom lines. The company also disclosed it is undergoing a probe from the Federal Deposit Insurance Corporation due to a “card product misclassification issue.” 

Zions Bancorporation — Shares of the regional bank jumped 8.3% after its second-quarter earnings matched estimates. Zions posted $1.11 in earnings per share, in line with a Refinitiv forecast. The bank’s net interest income came below expectations. 

Travelers — The insurance company gained 3% following its second-quarter earnings announcement. Its adjusted earnings came in at 6 cents per share. Meanwhile, its revenue of $10.32 billion topped expectations of $10.02 billion.

Estée Lauder — The cosmetics giants’ shares dropped 3% after Barclays downgraded them to equal weight from overweight. The firm cited concerns of a muted China recovery and pressure on medium-term margins. 

Freeport-McMoRan — Shares gained more than 3% after the company announced its quarterly earnings Thursday morning. The mining company posted 35 cents in earnings per share on $5.74 billion in revenue. Analysts polled by StreetAccount had estimated 36 cents in earnings per share on $5.61 billion in revenue. 

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Genuine Parts — The auto replacement parts company lost almost 7% after posting its second-quarter results. Although the company’s earnings and revenue beat analysts’ expectations, its revenue across its automotive and industrial segments missed Wall Street’s estimates.

MarketAxess — The electronic trading platform rallied 5.6% after releasing its second-quarter results. While revenue and earnings per share came in higher than expected, its adjusted earnings were lower than analysts’ estimates.

Equifax — Shares plunged almost 10% on the back of the company’s quarterly earnings report announcement Wednesday after the bell. While earnings per share came above analysts’ estimates, revenue fell short of expectations.

— CNBC’s Yun Li, Jesse Pound, Samantha Subin and Michelle Fox contributed reporting.

Airlines American Biggest Making midday Moves Netflix Stocks
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