Check out the companies making headlines in midday trading. Ulta Beauty – Shares of Ulta Beauty fell 3% after Jefferies downgraded the beauty retailer to a hold from a buy rating, citing increased competition. Netflix – The streaming company sank more than 9% after it said it would stop reporting subscriber growth in its quarterly earnings starting next year. Stocks are headed for their worst day since July. Shopify – Shares rose 0.27% after Morgan Stanley upgraded the Canada-based e-commerce company to overweight, citing confidence in the company's growth potential, particularly as it will expand its international appeal, as well as its upside operating leverage. SLB – Energy stock fell 2.18% despite a Q1 report that largely matched expectations. SLB reported revenue of $8.71 billion, slightly above the $8.69 billion that analysts had expected, according to LSEG. Adjusted earnings of 75 cents per share matched expectations. However, SLB reported lower revenues in North America year over year. American Express – Shares rose 6.2% after the financial services company reported diluted earnings per share of $3.33 for the first quarter, beating the $2.95 expected from analysts surveyed by FactSet. Revenue was $15.8 billion versus consensus estimates of $15.79 billion. American Express said consumer spending in the United States increased 8% from the previous year. Super Micro Computer – The server and data storage company fell more than 23%. Earlier today, Super Micro Computer said its fiscal third-quarter results would be released on April 30, but did not provide any guidance ahead of the report. Ibotta – Shares of the technology company fell 6.17% a day after Ibotta's initial public offering. The stock is still about 11% above its IPO price. Paramount – Shares rose more than 13% after reports from The New York Times and Bloomberg that Sony Pictures Entertainment and Apollo Global Management are in talks to jointly acquire the media company. PPG Industries – Materials stock fell 3% after the company missed Wall Street revenue estimates in the first quarter due to lower sales volume. Intuitive Surgery – Shares fell nearly 2% despite the company outperforming the top and bottom lines in the first quarter. The company also said it expects a higher full-year procedural growth rate of 14% to 17% compared to the previous forecast of 13% to 16%. — CNBC's Samantha Subin, Michelle Fox, Piya Singh and Jessie Pound contributed reporting.
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