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Midday movers: Tesla, Netflix, Philip Morris and more

Published Oct 20, 2023 01:34
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Investing.com -- U.S. stocks are rising after Federal Reserve Chair Jerome Powell said the central bank would proceed cautiously amid rising Treasury yields.

Here are some of the biggest U.S. stock movers today:

  • Tesla (NASDAQ:TSLA) stock fell 8.8% after the EV manufacturer disappointed with its quarterly results as its recent wave of electric vehicle price cuts weighed on margins, raising questions about its ability to maintain the runaway growth that it has for years.

  • Netflix (NASDAQ:NFLX) stock surged 16.6% after the streaming giant reported that its paid subscribers rose 8.76 million in the third quarter, boosted by its efforts to restrict sharing of accounts, well above expectations for just over 6 million.

  • Philip Morris (NYSE:PM) stock fell 2.1% after the tobacco giant slightly disappointed with its third-quarter revenue, however it beat expectations for quarterly profit, boosted by a let up in soaring costs of tobacco and labor, and robust demand for its heated tobacco products.

  • Blackstone (NYSE:BX) stock fell 6.6% after the world's largest private equity firm said its third-quarter distributable earnings fell by a hefty 12% year-on-year owing to a decline in asset sales from its real estate business.

  • American Airlines (NASDAQ:AAL) stock rose 2.5%, rebounding after the previous session's sharp losses even after the carrier reported a quarterly loss of $545 million due to costs related to jet fuel and new labor contracts.

  • Foot Locker (NYSE:FL) stock rose 1.3% after Goldman Sachs (NYSE:GS) downgraded the sportswear retailer to ‘sell’ from ‘neutral’, citing concerns over the Champs Sports brand.

  • Canada Goose (NYSE:GOOS) stock fell 4.6% after both TD Cowen and Wells Fargo (NYSE:WFC) downgraded their ratings on the winter clothes manufacturer, to ‘market perform’ from ‘outperform’ and to ‘equal weight’ from ‘overweight’, respectively, ahead of its earnings on Nov. 1.

  • Truist Financial (NYSE:TFC) stock rose 0.8% despite the lender reporting a near 31% drop in third-quarter profit as its interest income from mortgages and credit-card debt declined while it allocated more funds towards rainy-day reserves to cover potential sour loans.

  • Lam Research (NASDAQ:LRCX) stock fell 4.4% after the chip manufacturing equipment supplier forecast second-quarter revenue slightly below Wall Street estimates due to weak memory chip demand, even though its China business continues to boom.

 

Midday movers: Tesla, Netflix, Philip Morris and more
 

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