Stocks making the biggest moves midday: Netflix, Snap, Pinterest, Slack, PayPal & more

Pedestrians pass in front of Pinterest signage displayed outside of the New York Stock Exchange.

Michael Nagle | Bloomberg | Getty Images

Check out the companies making headlines in midday trading. 

Netflix — The entertainment stock sank 6.5% after missing Wall Street expectations for third-quarter earnings and subscriber additions. Netflix added 2.2 million subscribers globally last quarter, below the 3.57 projected by analysts surveyed by Refinitiv. The company attributed that in part to a surge in sign-ups earlier this year.

Slack — Shares of the technology company dropped 6% after Morgan Stanley downgraded the stock to underweight from equal weight. The financial firm said in a note that Slack “remains challenged” in differentiate itself from competitors.

Snap – The social media company surged more than 32% and hit a new all-time high after Snap reported a surprise profit for the third quarter. The company earned one cent per share on an adjusted basis, compared with the 5-cent loss expected by analysts surveyed by Refinitiv. Revenue came in at $679 million, which was also ahead of expectations.   

PayPal — Shares of the payments company rallied 4.4% after announcing a new feature that will allow users to buy, hold and sell cryptocurrencies. The new service will launch in the U.S. in the coming weeks.

Pinterest — Shares of the online image-sharing platform popped more than 11% after Goldman Sachs and Bank of America both upgraded the stock to buy. Both firms pointed to strong earnings results from Snap as a good sign for Pinterest’s advertising demand. Goldman slapped a $61 per share price target on the stock, implying nearly 35% upside from its previous close. Bank of America raised its target to $58 per share.

AutoNation — AutoNation shares popped more than 4% after the company reported quarterly results that beat analyst expectations. AutoNation reported earnings per share of $2.38 on revenue of $5.4 billion. Analysts expected a profit of $1.65 per share on revenue of $5.19 billion, according to Refinitiv. The auto retailer said used vehicle sales rose 9.3% and helped drive a stronger-than-forecast gross profit.

IRobot — Shares of iRobot fell slid more than 15% despite its better-than-expected quarterly results. The company reported $2.58 in earnings per share and on $413 million revenue, both easily topping estimates per Refinitiv. The stock had a big run-up in recent weeks and was up more than 26% in October before the earnings.

Texas Instruments – Shares of the semiconductor company shed more than 2% despite Texas Instruments beating top and bottom line estimates during the third quarter. The company earned $1.45 per share during the period, beating estimates by 17 cents. Texas Instruments also reported its first quarterly revenue growth in nearly two years.

WD-40 – Shares of WD-40 soared 17% after the manufacturer of household and multi-use products posted stronger-than-expected quarterly results. Its earnings came in at $1.42 per share for its fiscal fourth quarter, beating FactSet estimate of $1.13 per share. The company’s revenue also topped estimates as consumers snapped up household items during the pandemic.

Teradyne – Shares of Teradyne popped nearly 5% after the semiconductor company posted earnings that topped Wall Street estimates. Teradyne reported earnings per share of $1.18 for the third quarter, above expectations of $1.12 per share, according to FactSet. Its sales also beat expectations, boosted by record memory and storage test shipments.

– CNBC’s Maggie Fitzgerald, Pippa Stevens, Jesse Pound and Fred Imbert contributed reporting.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Source link

Show More

Related Articles

Back to top button