A button to launch the Netflix app on a remote control is seen in this photo illustration in Warsaw, Poland on April 25, 2019.
Jaap Arriens | NurPhoto | fake pictures
Check out the companies that make headlines in the midday trade
Netflix: The video streaming giant’s shares fell 6.5% after the company lost earnings estimates and gave a guideline to subscriber growth that was lower than expected by Wall Street. The company also announced that Ted Sarandos would become co-CEO.
Nio – Shares of electric car maker Nio fell more than 14% after a Goldman Sachs analyst downgraded them to sell. The analyst cited concern over Nio’s valuation after the stock rose more than 60% last month. “We believe that the current stock price reflects an excess of optimism given that there are no substantial changes in volume / earnings expectations,” the analyst wrote in a note.
BlackRock: Money manager shares rose 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 revenue for technology services. Analysts surveyed by Refinitiv expected $ 6.99 in earnings per share and $ 3.54 billion in revenue.
Facebook, Amazon, Microsoft, Alphabet: Along with Netflix, so-called FANG shares slipped, continuing the weakness of tech stocks this week. Facebook lost 0.5% and Alphabet fell almost 1%. Microsoft and Amazon lost 0.6% and 0.9%, respectively. All of FANG’s actions are heading for big weekly declines.
State Street: State Street shares fell 3.5% despite better-than-expected quarterly earnings. The asset manager said he earned $ 1.86 a share in the last quarter, helped by lower expenses and strong rate performance. Analysts surveyed by FactSet expected $ 1.58 per share.
JB Hunt: JB Hunt Transport shares gained 3% after the transport and logistics company’s second-quarter earnings exceeded expectations. Wall Street also became more optimistic about the company after the results. Deutsche Bank upgraded stocks to not sell, citing price benefits and a better macro context. Citigroup, UBS and Morgan Stanley raised their price targets at JB Hunt on Friday.
Tesla: Electric vehicle maker shares rose 1% after Credit Suisse doubled its equity target to $ 1,400 from $ 700. However, the firm maintained its neutral rating on the company led by Elon Musk. Tesla’s shares have more than tripled this year.
Carnival Corp., Norwegian Cruise, Royal Caribbean Cruises – Shares of major cruise line operators fell more than 1% after CDC issued a no-sail order until the end of September. The order, which was first announced in March, expired on July 24.
Regions Financial: The company’s shares fell 3.2% after failing to post its second-quarter earnings. Third quarter net interest income guidance disappointed.
– with reports from Yun Li, Fred Imbert, Jesse Pound and Pippa Stevens.
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