Stocks make the biggest midday moves: Netflix, Bristol-Myers and more
The Netflix logo is seen on a TV remote, in this illustration taken January 20, 2022.
Dado Ruvic | Reuters
Find out which companies are making headlines in the midday business.
Catalent Inc. – Shares of pharmaceutical company Catalent fell 8% after earnings disappointed Wall Street. While Catalent beat earnings expectations, its full-year revenue and outlook came in below estimates.
Dow – The chemical maker fell 2% after KeyBanc downgraded it to an underweight relative to the sector weight. The bank said in a note that an economic slowdown, particularly in Europe, could hurt demand for Dow Jones and reduce the company’s profit margins.
Honda Motor — Honda shares rose 1.3% after joining forces with LG Energy Solution to build a new electric vehicle battery production plant in the United States. The companies, which plan to invest $4.4 billion, aim to begin mass production of lithium ion battery cells by the end of 2025.
Pinduoduo – Pinduoduo jumped 18% after beating estimates in the last quarter on the upper and lower lines. The China-based e-commerce giant said a recovery in consumer confidence helped results.
Netflix – Shares of the streaming giant rose 1.1% after a Bloomberg report that its advertising tier could cost between $7 and $9 per month.
Bristol-Myers Squibb – Shares of Bristol-Myers Squibb fell 5.3% after the company announced the results of a mid-stage trial of its developmental stroke treatment that did not reach the main objective of the study.
Energy stocks – Energy stocks surged as oil prices rose on news of a potential OPEC+ supply cut. Shares of Diamondback Energy, Marathon Oil, Occidental and Exxon Mobil rose from 3.3% to 4.3%.
Etsy — Etsy added 1.2% following an announcement that it will require US sellers on its platform to verify their bank accounts or provide their username and password to fintech platform Plaid.
– CNBC’s Jesse Pound, Michelle Fox and Carmen Reinicke contributed reporting.