Stocks making the biggest moves midday: Netflix, American Airlines, Johnson & Johnson and more

cnbc.com:

Check out the companies making headlines in midday trading.

Netflix — Netflix dropped more than 8% after reporting mixed quarterly results Wednesday. The streaming giant beat on earnings per share for the second quarter, but its revenue of $8.19 billion fell short of the $8.30 billion expected from analysts polled by Refinitiv.

Tesla — Tesla sharestanked more than 6%. The electric-vehicle maker topped Wall Street's top-and-bottom line expectations but showed a drop in operating margins due to recent price cuts and incentives.

American Airlines — The airline shed more than 6% even after posting strong quarterly results and lifting its profit outlook for 2023. American Airlines reported adjusted earnings of $1.92 a share on $14.06 billion in revenue. Analysts had expected earnings per share of $1.59 on revenue of $13.74 billion.

IBM — The tech stock climbed more than 3% after the company reported earnings in the second quarter that topped analysts' estimates as the company expanded its gross margin. However, IBM did post a revenue miss, caused partly by a slump in the infrastructure division.  

Johnson & Johnson — The stock jumped 6%, lifting the 30-stock Dow Jones Industrial Average, after Johnson & Johnson posted second-quarter revenue and adjusted earnings that topped Wall Street's expectations. Johnson & Johnson also lifted its full-year guidance as sales from the company's medtech business jumped.

Abbott Laboratories — Shares of the health-care products company rose nearly 4% after Abbott beat estimates on the top and bottom lines for the second quarter. The company reported $1.08 in adjusted earnings per share on $9.98 billion of revenue. Analysts were looking for $1.05 per share on $9.70 billion of revenue,