Netflix, Coinbase, Alphabet, SVB Financial & more

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Tech stocks showcased at the Nasdaq.

Peter Kramer | CNBC

  • Take a look at the companies making headlines in midday trading.

Netflix – Shares of the streaming giant jumped more than 8% after Netflix added 7.66 million net subscribers in the fourth quarter, above the 4.57 million expected, according to StreetAccount. Founder Reed Hastings also announced that he is stepping down as CEO. The company’s earnings of 12 cents per share were below estimates of 45 cents per share, according to Refinitiv, but were largely due to currency effects on debt.

Alphabet – Google parent saw shares rise 5.34% after CEO Sundar Pichai announced the company will lay off 12,000 workers noting in a memo that the company was “hired for a different economic reality” than the one before us today.”

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Coinbase – The crypto services company climbed 11.61% after JPMorgan reiterated its neutral rating on the stock, calling it a “potential beneficiary of the challenges of meeting other brokers/exchanges after the fall and break of FTX. “

Eli Lilly – Shares of the pharmaceutical company fell 1.43% after the US Food and Drug Administration rejected an experimental Alzheimer’s disease treatment because it had not provided enough trial 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 a reliable partner in the innovation economy.” SVB Financial also reported an earnings loss 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 to overweight from equal weight, saying investors are buying a “best-in-class apparel brand with a proven track record of brand enhancement.” “

PPG Industries – Shares of PPG Industries climbed 5.99% after the company reported earnings that met analysts’ estimates. The maker reported adjusted earnings of $1.59 per share on $20.77 billion in revenue, where the Street had expected $1.59 per share adjusted and $20.73 billion in revenue. in, according to Refinitiv. It also confirmed its full-year earnings growth.

Capital One – Capital One shares gained 6.4%, recovering losses from the previous session. Thursday’s share slide came after news reports announced that the company cut 1,100 jobs in its technology division.

Pager Duty – The software stock jumped more than 5% after Morgan Stanley upgraded it to overweight from equal weight. The Wall Street firm said PagerDuty is ready to move to profitability.

Concentrix – The stock 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 had predicted earnings of $3.33 per share on revenue of $1.68 billion.

Financial Ally – The financial stock rallied a whopping 20.01% after the company reported better-than-expected quarterly results. Adjusted earnings came in at $1.08 a share, higher than the 97 cents a share analysts polled by FactSet were looking for. His income was also above expectations.

American tower – Shares of Tower of America fell 0.87% following reports that the company may be exploring a takeover bid by Spanish company Cellnex. Cellnex shares jumped more than 10% on the news.

– CNBC’s Michelle Fox, Yun Li, Tanaya Macheel, Sarah Min, Jesse Pound, Carmen Reinicke, Samantha Subin added reporting.

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