Midday movers: Netflix, Tesla, IBM, Johnson & Johnson and more
Investing.com | Author Liz Moyer
Published Jul 20, 2023 08:02AM ET
Updated Jul 20, 2023 01:58PM ET
Investing.com -- U.S. stocks were mixed on Thursday, as investors digested a deluge of corporate earnings, especially from tech giants.
Here are some of the biggest U.S. stock movers today:
-
Netflix (NASDAQ:NFLX) stock fell 8.3% after the streaming giant’s quarterly revenue and forecast fell short of estimates, even after it reported nearly 6 million subscriber additions.
-
Tesla (NASDAQ:TSLA) stock fell 8.5% after CEO Elon Musk revealed plans to continue price cuts, squeezing future margins, which outweighed the EV manufacturer comfortably beating second-quarter profit forecasts.
-
IBM (NYSE:IBM) stock rose 2.7% after the tech giant ’s second-quarter revenue fell short of expectations, bogged down by a decline in sales of its mainframe computers as businesses cut tech spending.
-
Johnson & Johnson (NYSE:JNJ) stock rose 6.2% after the pharmaceutical company beat second-quarter earnings expectations and lifted its 2023 profit forecast as it builds out its drug and medical devices pipeline.
-
AB InBev ADRs (NYSE:BUD) rose 0.6% after Morgan Stanley upgraded its stance on the brewer to ‘overweight’ from ‘neutral,’ saying it is now attractively valued after the Bud Light controversy.
-
Taiwan Semiconductor Manufacturing (NYSE:TSM) stock fell 4.5% after the Taiwanese chipmaker forecast a drop of around 10% in 2023 sales and flagged investment spending at the low end of estimates.
-
American Airlines (NASDAQ:AAL) stock fell 5.7% despite the carrier raising its annual forecast for adjusted profit despite fears of a looming economic slowdown.
-
Blackstone (NYSE:BX) stock fell 0.3% after the asset manager said its second-quarter distributable earnings slumped nearly 40%, owing to a sharp drop in asset sales.
-
DR Horton (NYSE:DHI) stock was down 1.5% after the home builder raised its forecast for full-year revenue, benefiting from strong demand and easing shortages of labor and construction supplies.
-
Abbott Laboratories (NYSE:ABT) stock rose 4% after the medical devices manufacturer beat expectations for second-quarter profit, due to recovery in surgical procedure volumes and demand for its diabetes care devices.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.