Technology stocks on display on the Nasdaq.
Peter Kramer | CNBC
- Take a look at the companies making the midday trading headlines.
Netflix — Shares of the streaming giant rose more than 8% after Netflix added 7.66 million net subscribers in the fourth quarter, up from an expected 4.57 million, according to StreetAccount. Founder Reed Hastings also announced that he will step down as CEO. The company’s earnings of 12 cents a share were below estimates of 45 cents a share, according to Refinitiv, but was largely due to the currency impact on debt.
Alphabet — Shares of Google’s parent company rose 5.34% after CEO Sundar Pichai announced the company is laying off 12,000 employees, saying in a memo that the company “hired for a different economic reality than the one we face today”.
investment related news
coin base — The crypto services firm rose 11.61% after JPMorgan reiterated its neutral rating for the stock, calling it a “potential beneficiary of the challenges other brokers/exchanges have faced following the FTX crash and bankruptcy.”
Eli Lilly — Shares of the pharmaceutical company fell 1.43% after the US Food and Drug Administration rejected the drugmaker’s experimental Alzheimer’s treatment because it had not provided enough test data.
financial SVB — Shares rose 16.56%, a day after Wells Fargo said SVB Financial appears to be the “deal of the century” and said the bank “remains the trusted partner in the innovation economy.” SVB Financial also reported a loss of profit on Thursday, but its fourth-quarter net interest of $1.05 billion beat StreetAccount’s estimate of $1.01 billion.
ralph lauren — Shares rose more than 3% after Barclays upgraded Ralph Lauren’s rating to overweight from the same weight, saying investors are buying a “premium clothing brand with a proven track record of brand elevation.”
PPG Industries — Shares of PPG Industries rose 5.99% after the company reported earnings that were in line with analyst estimates. The maker reported adjusted earnings of $1.59 per share on $20.77 billion in revenue, where Street had expected an adjusted $1.59 per share and $20.73 billion in revenue, according to Refinitiv. It also reaffirmed its full-year earnings growth.
capital one — Capital One shares gained 6.4%, recouping losses from the previous session. Thursday’s slide in the shares came after news reports announced that the company cut 1,100 jobs in its technology division.
Pager — Software stocks rose more than 5% after Morgan Stanley upgraded them from equal weight to overweight. The Wall Street firm said PagerDuty is ready to turn toward profitability.
Concentrix — Shares fell 0.68% after the IT service management company posted weaker-than-expected quarterly results. Concentrix reported earnings of $3.01 per share on revenue of $1.64 billion. Analysts polled by StreetAccount forecast earnings of $3.33 per share on revenue of $1.68 billion.
financial ally — Financial stocks rose 20.01% after the company reported better-than-expected quarterly results. Adjusted earnings came in at $1.08 a share, above the 97 cents a share sought by analysts polled by FactSet. Its income also exceeded expectations.
american tower — American Tower shares fell 0.87% after reports that the company may be exploring a takeover bid for Spanish company Cellnex. Cellnex shares rose more than 10% on the news.
— CNBC’s Michelle Fox, Yun Li, Tanaya Macheel, Sarah Min, Jesse Pound, Carmen Reinicke, Samantha Subin contributed reporting.