Stocks making the biggest moves midday: Netflix, Etsy, HP, Visa and more

cnbc.com:

In this article

Check out the companies making headlines in midday trading.

Visa — The credit card behemoth's stock was trading more than 2% lower after announcing plans to change its share structure. Visa's Class A shares are held by the public, its B shares are held by U.S. banks, while C shares are owned by foreign banks. The company wants shareholders to approve an exchange offer that would release transfer restrictions on portions of the Class B stock.

Semtech — The semiconductor stock rose 7% after beating earnings expectations for the second quarter. Semtech earned 11 cents per share after adjustments, exceeding the consensus estimate of 2 cents per share from analysts polled by FactSet. However, the company offered weak guidance for the third quarter.

Penn Entertainment – The sports betting company's shares rallied 6% Thursday. Deutsche Bank initiated a short-term catalyst call to buy Penn, citing an inexpensive valuation ahead of the launch of ESPN BET, which debuts in November.

Netflix — The streaming giant's shares slipped roughly 2% in midday trading after Chief Financial Officer Spencer Neumann said the ongoing Hollywood writers' strike is bad for business. Speaking at a conference Wednesday, Neumann also cautioned that its ad-supported streaming option wouldn't help move revenue forward in the short-term, and said operating margins would grow slower moving forward.

Yum China — The restaurant conglomerate's shares gained nearly 6% during midday trading after it announced new financial targets and unveiled plans to expand to 20,000 locations by 2026 during an investor day.

AMC Entertainment — The meme-stock darling added 3% after AMC said it had completed the equity offering it announced earlier this month.