A button to launch the Netflix application can be seen on a remote control in this photo illustration on April 25, 2019 in Warsaw, Poland.
Jaap Arriens | NurPhoto | Getty Images
Check out the companies that make headlines in the midday trade.
Netflix – The streaming video giant's shares fell 6.5% after the company missed earnings estimates. This gave evidence of subscriber growth that was below Wall Street expectations. The company also announced that Ted Sarandos will be co-CEO.
Nio – Electric car maker Nio's shares fell more than 14% after a Goldman Sachs analyst downgraded them for sale. The analyst expressed concern about Nio's valuation after the stock rose more than 60% last month. "We believe the current stock price is too optimistic since volume / earnings expectations have not changed significantly," the analyst wrote in a note.
BlackRock – The money manager's shares rose 3.3% after outperforming second-quarter high and low estimates. The company reported adjusted earnings per share of $ 7.85 on sales of $ 3.65 billion, showing growth in performance fees and technology services sales. Analysts interviewed by Refinitiv expected earnings per share of $ 6.99 and sales of $ 3.54 billion.
Facebook, Amazon, Microsoft, Alphabet – In addition to Netflix, the so-called FANG shares gave way and continued the weakness of the technology shares this week. Facebook lost 0.5% and Alphabet fell almost 1%. Microsoft and Amazon lost 0.6% and 0.9%, respectively. All FANG stocks are targeting large weekly declines.
State Street – State Street shares fell 3.5% despite better than expected quarterly earnings. The asset manager said it made $ 1.86 per share last quarter, which was supported by lower costs and strong fee developments. FactSet analysts expected $ 1.58 per share.
J.B. Hunt – JB Hunt Transport's shares rose 3% after the transportation and logistics company's earnings in the second quarter exceeded expectations. Wall Street also became more optimistic for the company after the results. Deutsche Bank upgraded the stock from sale to give price advantages and a better macro background. Citigroup, UBS and Morgan Stanley raised their price targets from JB Hunt on Friday.
Tesla shares in the electric vehicle manufacturer rose 1% after Credit Suisse doubled its share price target from $ 700 to $ 1,400. However, the company maintained its neutral rating for the company managed by Elon Musk. Tesla's shares more than tripled this year.
Carnival Corp., Norwegian Cruise, Royal Caribbean Cruises – All major cruise companies' shares declined more than 1% after the CDC extended an order without a sail by 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 missing the second quarter result. Net interest income forecast for the third quarter disappointed.
– with reports from Yun Li, Fred Imbert, Jesse Pound and Pippa Stevens.