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Saturday, September 24, 2022

Stocks making biggest midday moves: Netflix, Bristol-Myers and more

The Netflix logo is seen on a TV remote controller, in this illustration taken January 20, 2022.

Dado Ruvic | Reuters

Check out the companies making headlines in midday trading.

Catalent Inc. – Shares of pharmaceutical company Catalent fell 8% after earnings that disappointed Wall Street. While Catalent beat expectations for earnings, its revenue and full-year outlook were below estimates.

Dow – The chemical maker dropped 2% after KeyBanc downgraded it to underweight from sector weight. The bank said in a note that an economic slowdown, especially in Europe, could hurt demand for Dow and squeeze the company’s profit margins.

Honda Motor — Shares of Honda moved 1.3%  higher after it joined forces with LG Energy Solution to build a new battery production plant for electric vehicles in the U.S. The companies, which plan to invest $4.4 billion, aim to begin mass production of advanced lithium-ion battery cells by the end of 2025. 

Pinduoduo — Pinduoduo surged 18% after topping estimates in the recent quarter on the top and bottom lines. The China-based e-commerce giant said a recovery in consumer sentiment helped results.

Netflix — Shares of the streaming giant rose 1.1% after a Bloomberg report that its ad tier could cost between $7 and $9 a month.

Bristol-Myers Squibb — Shares of Bristol-Myers Squibb slumped 5.3% after the company reported results from a midstage trial of its developing stroke treatment that failed to meet the main objective of the study.

Energy stocks — Energy stocks jumped in tandem with oil prices rose on news of a potential OPEC+ supply cut. Shares of Diamondback Energy, Marathon Oil, Occidental and Exxon Mobil rose from 3.3% to 4.3%.

Etsy — Etsy added 1.2% following news that it will require U.S. sellers on its platform to verify their bank accounts or provide their username and password to fintech platform Plaid.

— CNBC’s Jesse Pound, Michelle Fox and Carmen Reinicke contributed reporting.

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