Stocks making the biggest moves midday: Netflix, Kohl's, Wynn Resorts, General Motors and more
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Check out the companies making headlines in midday trading.
Netflix — Shares of the streaming giant fell more than 9% after Jefferies downgraded the stock to hold from buy and said the company may need to shift its focus to video games. The shares plunged Friday as several analysts issued downgrades and price target cuts after Netflix reported disappointing subscriber guidance.
ARK Innovation — Shares of Cathie Wood's flagship exchange-traded fund fell 7% in midday trading as growth names continued their downward spiral. Coinbase, one of the fund's largest holdings, tanked. Tesla fell close to 7% and Unity Software lost more than 4%. Exact Sciences slid more than 6%, and Twilio fell 5%.
Coinbase — The cryptocurrency exchange operator's shares tumbled more than 9% as the price of bitcoin fell to its lowest point since July as part of the continued sell-off in risk assets. Microstrategy, one of the biggest corporate buyers of bitcoin, also plunged more than 7%.
Wynn Resorts — The casino and resort stock fell more than 6% following a New York Post report that Wynn is looking to divest its online sports-betting unit for $500 million, a significant discount to the $3 billion valuation that has been floated in the past year.
Snap — Shares of the social media stock tanked 9% after Wedbush downgraded Snap to «neutral» from «outperform.» The Wall Street firm said it sees various headwinds impacting Snap's revenue growth.
General Motors — The auto manufacturer saw shares slide nearly 6% ahead of announcements the company plans to make Tuesday about major electric vehicle investments. GM plans to invest $6.5 billion and create as many as 4,000 jobs at two plants in Michigan, according to AP.
Boeing — Shares of the
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