Midday movers: Netflix, Tesla, IBM, Johnson & Johnson and more
Investing.com — U.S. stocks were mixed on Thursday, as investors digested a deluge of corporate earnings, especially from tech giants.
Here are some of the biggest U.S. stock movers today:
Netflix (NASDAQ:NFLX) stock fell 8.3% after the streaming giant’s quarterly revenue and forecast fell short of estimates, even after it reported nearly 6 million subscriber additions.
Tesla (NASDAQ:TSLA) stock fell 8.5% after CEO Elon Musk revealed plans to continue price cuts, squeezing future margins, which outweighed the EV manufacturer comfortably beating second-quarter profit forecasts.
IBM (NYSE:IBM) stock rose 2.7% after the tech giant’s second-quarter revenue fell short of expectations, bogged down by a decline in sales of its mainframe computers as businesses cut tech spending.
Johnson & Johnson (NYSE:JNJ) stock rose 6.2% after the pharmaceutical company beat second-quarter earnings expectations and lifted its 2023 profit forecast as it builds out its drug and medical devices pipeline.
AB InBev ADRs (NYSE:BUD) rose 0.6% after Morgan Stanley upgraded its stance on the brewer to ‘overweight’ from ‘neutral,’ saying it is now attractively valued after the Bud Light controversy.
Taiwan Semiconductor Manufacturing (NYSE:TSM) stock fell 4.5% after the Taiwanese chipmaker forecast a drop of around 10% in 2023 sales and flagged investment spending at the low end of estimates.
American Airlines (NASDAQ:AAL) stock fell 5.7% despite the carrier raising its annual forecast for adjusted profit despite fears of a looming economic slowdown.
Blackstone (NYSE:BX) stock fell 0.3% after the asset manager said its second-quarter distributable earnings slumped nearly 40%, owing to a sharp drop in asset sales.
DR Horton (NYSE:DHI) stock was down
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