Tech stocks are listed on the Nasdaq.
Peter Kramer | CNBC
Check out the companies making headlines in midday trading.
Netflix — Shares of the streaming giant soared more than 6% after Netflix added 7.66 million net subscribers in the fourth quarter, up from the 4.57 million expected, according to StreetAccount. Founder Reed Hastings also announced that he is stepping down from his CEO role. The company’s earnings of 12 cents per share fell short of estimates of 45 cents per share, according to Refinitiv, but it was largely due to currency effects on debt.
Alphabet – Google’s parent company saw its stock rise 4.2% after CEO Sundar Pichai announced the company would be laying off 12,000 employees, noting in a memo that the company was “hiring for a different economic reality than what with which we are confronted today”.
Coinbase – The crypto services company surged 6.6% after JPMorgan reiterated its neutral rating on the stock, calling it a potential “beneficiary of the challenges faced by other broker/exchanges following FTX’s collapse and bankruptcy.”
Eli Lilly — Shares of the pharmaceutical company fell more than 2% after the U.S. Food and Drug Administration rejected the drugmaker’s experimental treatment for Alzheimer’s disease for failing to provide enough study data.
SVB Financial – Shares rose 16% a day after Wells Fargo said SVB Financial appears to be the “deal of the century” and said the bank “remains the trusted partner of the innovation economy.” SVB Financial also reported a profit loss on Thursday, but 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 from equal weight to overweight, saying investors are buying a “best-in-class apparel brand with a proven track record of brand enhancement.”
PPG Industries – Shares of PPG Industries rose 5.2% after the company reported earnings in line with analyst estimates. The maker reported adjusted earnings per share of $1.59 on sales of $20.77 billion, according to Refinitiv, while The Street reported adjusted $1.59 per share on sales of $20.73 billion -dollars expected. It also confirmed its earnings growth for the full year.
Capital One – Shares of Capital One gained 5.6%, reversing losses from the previous session. Thursday’s slide came after news reports said the company would cut 1,100 jobs at its technology division.
PagerDuty – Software stock rose more than 5% after Morgan Stanley upgraded it to overweight. The Wall Street firm said PagerDuty is poised for a swing to profitability.
Concentrix — Shares fell 1.7% after the IT services management company released weaker-than-expected quarterly results. Concentrix reported earnings of $3.01 per share on sales of $1.64 billion. Analysts polled by StreetAccount were forecasting earnings of $3.33 per share on sales of $1.68 billion.
Ally Financial – The financial stock rose a whopping 19% after the company reported better-than-expected quarterly results. Adjusted earnings came in at $1.08 per share, ahead of the 97 cents per share analysts polled by FactSet. Revenue also exceeded expectations.
American Tower – American Tower’s shares fell 2.4% after reports that the company may be considering a takeover bid for Spanish company Cellnex. Cellnex shares surged more than 8% on the news.
– CNBC’s Michelle Fox, Yun Li, Tanaya Macheel, Sarah Min, Jesse Pound, Carmen Reinicke and Samantha Subin contributed coverage.