Stocks making biggest moves midday: Netflix, Boeing, Groupon, Guess
A button for launching the Netflix application is seen on a remote control in this photo illustration in Warsaw, Poland on April 25, 2019.
Jaap Arriens | NurPhoto | Getty Images
Check out the companies making headlines in midday trading.
Netflix — The streaming giant’s stock rose 3.7% after the company disclosed figures showing membership in the Asia-Pacific region skyrocketed by 148% between third quarter 2017 and third quarter 2019. Netflix also said membership in Europe, the Middle East and Africa shot up by 132% in that time period.
Boeing — Boeing shares fell nearly 1% but ended the day down 0.03% after the company announced on Monday that it would suspend production of its embattled 737 Max airliner at least through January as the Federal Aviation Administration reviews the aircraft. The stock’s worsening fall since March briefly pushed Boeing’s 2019 return into negative territory on Tuesday.
Guess — Shares of Guess rallied 8.4% after Cowen upgraded the clothing company to outperform from market perform. The firm said management’s shift to focus on margins and free cash flow instead of store growth and market share is appealing.
Roku — Shares of streaming company Roku ticked 2.2% lower on news that its chief financial officer Steve Louden will step down from that position. Roku said Louden would remain until a successor is named.
Groupon — Shares of Groupon fell 9.1% following a downgrade to sell from neutral from Goldman Sachs. The firm said it has concerns about customer declines in North America for the e-commerce marketplace.
Unilever — Shares of Unilever tanked 9.1% after the company said it expects sales growth to be slightly below prior targets for the current year, although the consumer products giant has reaffirmed its earnings outlook.
Goldman Sachs — Shares of Goldman Sachs rose 1.4% after Wells Fargo analyst Mike Mayo increased his price target on the bank to $280 per share from $240, which represents a 20% gain from here. Mayo said after a year of transition including new management, Goldman looks more attractive. He added the bank’s earnings guidance next year is also above the Street’s consensus.
Bed Bath & Beyond — Shares of Bed Bath & Beyond rose 11.2% after the retailer announced the departure of six senior executives. This is the first major leadership change under new CEO Mark Tritton, a former Target executive who was named the chairman and CEO in October. The stock is up more than 50% since Tritton was announced.
Jabil — The manufacturing company jumped 6.7% after beating on the top and bottom lines of its fiscal first quarter earnings. Jabil reported earnings per share of $1.05 on revenue of $7.506 billion. Wall Street expected earnings per share of 94 cents on revenue of $6.95 billion, according to Refinitiv. Jabil also raised it full year outlook.
Navistar — Shares of Navistar dropped 10.5% after missing on revenue for its fiscal fourth quarter earnings. The manufacturing company earned $2.82 billion, slight lowered than the forecast $2.823 billion, according to Refinitiv. Revenue was hurt by lower industry demand and supplier production constraints during the prior quarter. GAAP earnings topped expectations by 3 cents at $1.02.
Johnson & Johnson — Shares of the pharmaceutical and consumer packaged goods company rose 1.3% following an upgrade to overweight from neutral from Morgan Stanley. The firm hiked its 12-month price target to $170 from $145, as the company is “looking defensive again.”
Madison Square Garden — Shares of Madison Square Garden climbed 1.2% after Jefferies initiated coverage of the sports company with a buy rating. The bank said it liked the company’s “growth potential,” and the “sports betting optionality.” Jefferies set a 12-month price target on MSG at $370 a share, a nearly 30% gain from here.
—CNBC’s Fred Imbert, Yun Li, Thomas Franck and Jesse Pound contributed reporting.