Latest News

Stocks making the biggest moves midday: Tesla, Netflix, Intel and more

In this article

NFLX

TSLA

TER

INTC

Reed Hastings, CEO of Netflix
Getty Images

Here are the stocks making notable moves on Thursday, Jan. 27.

Tesla — Shares of the automaker fell more than 8% despite Tesla’s beating estimates on the top and bottom lines for the fourth quarter. The company warned that supply chain issues might limit production in 2022 and announced that it would debut no new models this year, disappointing some Wall Street analysts.

Netflix — The streaming giant’s shares jumped more than 7% after Pershing Square’s Bill Ackman revealed Wednesday evening that he purchased more than 3.1 million shares, which made him a top-20 shareholder. Ackman said he started buying the dip on Friday after Netflix suffered a steep sell-off on slowing subscriber growth.

Intel — Shares of the chip stock fell 7% despite Intel’s reporting better-than-expected fourth-quarter earnings and delivering upbeat guidance. Intel’s largest business, its Client Computing Group, was down 7% year-over-year to $10.1 billion, though it still beat analysts’ average estimate of $9.6 billion, according to FactSet.

ServiceNow – ServiceNow shares jumped more than 8% following the company’s fourth-quarter results. The cloud software company earned $1.46 per share excluding items on $1.61 billion in revenue during the period. Analysts were expecting the company to earn $1.43 per share on $1.60 billion in revenue, according to estimates compiled by Refinitiv. Piper Sandler upgraded the stock to an overweight rating following the report, citing “strong fundamentals.”

Corning – The materials stock jumped 3.2% after Goldman Sachs upgraded Corning to buy from neutral. Shares also gained 11% on Wednesday after a strong earnings report.

McCormick — Shares of the food company rose 6% after beating on the top and bottom lines of its quarterly results. McCormick earned 84 cents per share, topping analysts’ estimates by 4 cents. The company made $1.73 billion in revenue, higher than the forecast $1.71 billion.

Teradyne – Shares of the automation company dove 27% after Teradyne issued first-quarter guidance that was well below Wall Street expectations for earnings and revenue. The company warned of slowing demand in one of its key end markets for 2022. However, Teradyne beat estimates on the top and bottom lines for 2022, according to FactSet’s StreetAccount.

Lam Research – Lam shares slid by about 7.5% despite the semiconductor company reporting strong quarterly earnings. It also reported revenue for the quarter that missed estimates and issued a weaker-than-expected quarterly forecast, citing continuing supply chain issues.

Seagate Technology – The data solutions company saw its shares soar by more than 11% after it raised its long-term profit margin target in its quarterly earnings report.

Packaging Corp. of America – Shares of the containerboard company jumped nearly 10% after a stronger-than-expected fourth quarter. The company reported $2.04 billion in revenue, above the $1.94 billion expected by analysts, according to FactSet’s StreetAccount. Packaging Corp.’s first-quarter earnings guidance also topped expectations.

Ball Corp. – The packaging stock surged 8.7% after the company beat expectations on the top and bottom lines for the fourth quarter, according to estimates from FactSet’s StreetAccount. The company said that demand “continues to outpace supply” for its products.

Planet Labs – Shares of the Earth-imaging platform company popped more than 3% after investment firm Needham initiated coverage of Planet Labs at buy. Needham said it sees accelerating revenue growth for the company.

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:Latest News