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Netflix, Coinbase, Alphabet, SVB Financial & more

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Tech stocks on display on the Nasdaq. 

Peter Kramer | CNBC

  • Try the businesses making headlines in midday trading.

Netflix — Shares of the streaming giant jumped greater than 8% after Netflix added 7.66 million net subscribers within the fourth quarter, above the 4.57 million expected, based on StreetAccount. Founder Reed Hastings also announced that he’s stepping away from his CEO role. The corporate’s 12 cents earnings per share were below estimates of 45 cents per share, based on Refinitiv, but was largely because of currency impacts on debt.

Alphabet — The Google parent saw shares rise 5.34% after CEO Sundar Pichai announced the corporate will lay off 12,000 employees noting in a memo that the corporate “hired for a unique economic reality than the one we face today.”

Coinbase — The crypto services firm climbed 11.61% after JPMorgan reiterated its neutral rating on the stock, calling it a possible “beneficiary of the challenges which have faced other brokers/exchanges within the aftermath of the collapse and bankruptcy of FTX.”

Eli Lilly — Shares of the pharmaceutical company fell 1.43% after the U.S. Food and Drug Administration rejected the drugmaker’s experimental Alzheimer’s disease treatment because it had not provided enough trial data.

SVB Financial — Shares surged 16.56%, a day after Wells Fargo said SVB Financial looks like the “deal of the century” and said the bank “stays the trusted partner of the innovation economy.” SVB Financial also reported an earnings miss Thursday, but its fourth-quarter net interest of $1.05 billion beat StreetAccount’s estimate of $1.01 billion.

Ralph Lauren — Shares rose greater than 3% after Barclays upgraded Ralph Lauren to chubby from equal weight, saying investors are buying a “best-in-class apparel brand with a proven track record of brand name elevation.”

PPG Industries — Shares of PPG Industries climbed 5.99% after the corporate reported earnings that were consistent with analyst estimates. The manufacturer reported adjusted earnings of $1.59 per share on $20.77 billion in revenue, where the Street expected $1.59 per share adjusted and $20.73 billion in revenue, based on Refinitiv. It also reaffirmed its full-year earnings growth.

Capital One — Capital One shares gained 6.4%, recovering their losses from the previous session. Thursday’s slide in shares got here after news reports announcing that the corporate cut 1,100 jobs in its technology division.

PagerDuty — The software stock jumped greater than 5% after being upgraded to chubby from equal weight by Morgan Stanley. The Wall Street firm said PagerDuty is poised for a pivot to profitability.

Concentrix — The stock declined 0.68% after the IT service management company posted weaker-than-expected quarterly results. Concentrix reported earnings of $3.01 per share on revenue of $1.64 billion. Analysts polled by StreetAccount were forecasting earnings of $3.33 per share on revenue of $1.68 billion.

Ally Financial — The financial stock rallied a whopping 20.01% after the corporate reported better-than-expected quarterly results. Adjusted earnings got here in at $1.08 a share, higher than the 97 cents a share analysts surveyed by FactSet were in search of. Its revenue also topped expectations.

American Tower — Shares of American Tower fell 0.87% after reports that the corporate could also be exploring a takeover bid of Spanish company Cellnex. Cellnex shares jumped greater than 10% on the news.

— CNBC’s Michelle Fox, Yun Li, Tanaya Macheel, Sarah Min, Jesse Pound, Carmen Reinicke, Samantha Subin contributed reporting.

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