Shares That Make The Largest Strikes At Midday: Netflix, Snap, Pinterest, Slack, PayPal & Extra
Pedestrians walk past Pinterest signage displayed outside of the New York Stock Exchange.
Michael Nagle | Bloomberg | Getty Images
Check out the companies that are making headlines in midday trading.
Netflix – The entertainment stock fell nearly 7% after falling short of Wall Street’s expectations for third-quarter earnings and subscriber growth. Netflix had 2.2 million subscribers worldwide in the last quarter, below the analysts surveyed by Refinitiv forecast 3.57. The company attributed this in part to a surge in filings earlier this year.
Slack – The tech company’s stocks fell 6.3% after Morgan Stanley downgraded the stock from equal weight to underweight. The financial firm said in a note that Slack “remains challenged” to differentiate itself from the competition.
Snap – The social media company rose more than 28% to hit a new all-time high after Snap reported a surprise profit for the third quarter. The company earned an adjusted one cent per share, compared to the loss of 5 cents expected by Refinitiv. Revenue was $ 679 million, which was also above expectations.
AstraZeneca – AstraZeneca shares were down 1.2% after a Brazilian health agency declared a volunteer dead in their coronavirus vaccine study. AstraZeneca, a front runner in the Covid-19 vaccine race, announced on Sept. 8 that its study had been suspended because of an unexplained disease in a patient in the UK.
PayPal – The payment company’s shares rose 5.5% after it announced a new feature that allows users to buy, hold and sell cryptocurrencies. The new service will be rolled out in the US in the coming weeks.
Pinterest – Shares in the online image sharing platform rose nearly 9% after Goldman Sachs and Bank of America upgraded the stock to buy. Both companies cited strong earnings results from Snap as a good sign of Pinterest’s ad demand. Goldman hit a price target of $ 61 per share on the stock, meaning the uptrend is up nearly 35% from the previous close. Bank of America raised its target to $ 58 per share.
AutoNation – AutoNation stock rose nearly 2% after the company reported quarterly results that exceeded analysts’ expectations. AutoNation reported earnings per share of $ 2.38 on revenue of $ 5.4 billion. According to Refinitiv, analysts expected earnings of $ 1.65 per share on sales of $ 5.19 billion. The car dealer said used car sales rose 9.3%, contributing to higher than forecast gross profit.
IRobot – iRobot stocks were down more than 13% despite better-than-expected quarterly results. The company reported earnings per share of $ 2.58 and revenue of $ 413 million, both of which slightly exceeded estimates per refinitive. The stock has risen sharply in the past few weeks, rising more than 26% in October before earnings.
Texas Instruments – The semiconductor company’s shares were down more than 3%, despite Texas Instruments beating estimates for sales and earnings in the third quarter. The company earned $ 1.45 per share for the period, beating estimates by 17 cents. Texas Instruments also had its first quarterly revenue growth in nearly two years.
WD-40 – WD-40’s shares rose more than 18% after the maker of household and multi-purpose products posted stronger-than-expected quarterly results. Earnings for the fourth quarter of fiscal year were $ 1.42 per share, beating FactSet’s estimate of $ 1.13 per share. The company’s revenue also beat estimates as consumers picked up household items during the pandemic.
Teradyne – Teradyne’s shares fell nearly 5% after the semiconductor company posted gains that were above Wall Street estimates. Teradyne reported earnings per share of $ 1.18 for the third quarter, up from expectations of $ 1.12 per share, according to FactSet. Revenue also exceeded expectations, which was boosted by the delivery of record-breaking storage and storage tests.
– CNBC’s Maggie Fitzgerald, Pippa Stevens, Jesse Pound and Fred Imbert contributed to the coverage.
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