The Netflix logo is shown in this illustration photo in Encinitas, California.
Mike Blake | Reuters
Check out the companies that are making headlines in midday trading.
Netflix – The streaming giant's shares fell 14% after the company's fourth quarter report surpassed Wall Street's expectations for revenue and subscribers, which exceeded 200 million. Netflix also said it would consider share buybacks and expects to break even on a cash flow basis this year. Netflix received upgrades from Wells Fargo and UBS, which further raised the mood.
Penn National Gaming – Credit Suisse launched coverage of the sports betting company with an above-average rating, which pushed stocks up 5%. The Wall Street company said the company has the potential to take the lead in online betting and sees benefits for targeted cost savings and better-than-expected margins.
Ford Motor – The automaker's shares rose 4.6% after Deutsche Bank added a catalyst call or a short-term buy idea for the stock. The bank said it was optimistic about the company's upcoming earnings report in early February, among other things. The company maintained its long-term hold rating for Ford.
DraftKings – The sports betting company's shares rose 3.5% after Morgan Stanley switched shares from equal weight to overweight. The Wall Street company expects DraftKings to report quarterly sales that are 10% above consensus, calling the company a pure game in the gambling industry. The company will release the results on February 25th.
Alibaba – The e-commerce giant's shares rose more than 5% after founder Jack Ma made his first public appearance in several months. CNBC previously reported that Ma had hit rock bottom after some comments that were critical of China's financial regulators back in October.
Beyond Meat – The alternative meat manufacturer's shares fell more than 3% after BTIG downgraded the stock to a neutral rating. "We believe that growth through the retail channel will not be enough to maintain the growth rate and strong trade multiplier in 2021," the company said in a statement to customers. Beyond Meat's stocks are up 24% over the past year.
Bank of New York Mellon – Bank stocks fell nearly 7% in the fourth quarter despite better-than-expected results in the high and low end of the fourth quarter. The Bank of New York Mellon reported adjusted earnings per share of $ 0.96 on revenue of $ 3.84 billion. According to Refinitiv, analysts had expected 91 cents per share on sales of 3.83 billion US dollars. A shrinking net interest margin is negative in the report, said the investment firm Piper Sandler in a message to customers.
US Bancorp – Regional bank stocks fell more than 4% after losing sales. Revenue was $ 5.75 billion, missing the refinitive estimate of $ 5.82 billion. The result was in line with estimates of 95 cents per share.
Fastenal – The industrial utility company's shares fell 3.4% despite a better-than-expected report from Fastenal for the fourth quarter. The company reported earnings per share of 34 cents and sales of $ 1.36 billion, which is just above estimates on both counts, according to Refinitiv.
– CNBC's Maggie Fitzgerald, Pippa Stevens and Jesse Pound contributed to the coverage.
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