The stocks moving the most at noon: Netflix, Coinbase, Alphabet, SVB Financial and more

The stocks moving the most at midday: Netflix, Coinbase, Alphabet, SVB Financial and more

Technology stocks exposed to the Nasdaq.

Peter Kramer | CNBC

  • Find out which companies are making headlines in the midday business.

netflix – Shares of the streaming giant jumped more than 8% after Netflix added 7.66 million net subscribers in the fourth quarter, above the 4.57 million expected, according to StreetAccount. Founder Reed Hastings also announced he was stepping down as CEO. The company’s earnings per share of 12 cents was below estimates of 45 cents per share, according to Refinitiv, but was largely due to the currency impact on debt.

Alphabet – Google’s parent company saw its shares rise 5.34% after CEO Sundar Pichai announced the company would be laying off 12,000 employees, noting in a memo that the company “hired for economic reality different from what we face today”.

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Coinbase – The crypto services firm climbed 11.61% after JPMorgan reiterated its neutral rating on the stock, calling it “a potential beneficiary of the challenges faced by other brokers/exchanges in the wake of the collapse and bankruptcy of FTX”.

Eli Lily – Shares of the pharmaceutical company fell 1.43% after the US Food and Drug Administration rejected the drugmaker’s experimental Alzheimer’s treatment because it failed to provide enough trial data .

SVB Financial – Shares jumped 16.56%, a day after Wells Fargo said SVB Financial appeared to be the ‘deal of the century’ and said the bank ‘remains the economy’s trusted partner innovation”. SVB Financial also reported a shortfall on Thursday, but its fourth-quarter net interest of $1.05 billion topped StreetAccount’s estimate of $1.01 billion.

Ralph Lauren – Shares rose more than 3% after Barclays put Ralph Lauren overweight at equal weight, saying investors are buying a “premium clothing brand with a proven track record of brand elevation”.

PPG Industries – PPG Industries shares soared 5.99% after the company reported earnings in line with analysts’ estimates. The maker reported adjusted earnings of $1.59 per share on $20.77 billion in revenue, while Street expected adjusted $1.59 per share and $20.73 billion in revenue, according to Refinitiv. It also confirmed its profit growth for the year as a whole.

Capital one – Capital One shares gained 6.4%, recouping their losses from the previous session. Thursday’s share decline came after reports that the company cut 1,100 jobs in its technology division.

pager – The software stock jumped more than 5% after being upgraded to overweight from equal weight by Morgan Stanley. The Wall Street firm said PagerDuty is poised to pivot to profitability.

Concentrix — The stock fell 0.68% after the IT services management company posted weaker-than-expected results quarterly results. Concentrix reported earnings of $3.01 per share on revenue of $1.64 billion. Analysts polled by StreetAccount expected earnings of $3.33 per share on revenue of $1.68 billion.

Allied Financial — The financial stock jumped 20.01% after the company announced better-than-expected quarterly results. Adjusted earnings came in at $1.08 a share, better than the 97 cents a share analysts polled by FactSet had been looking for. Its turnover also exceeded expectations.

American tower – American Tower shares fell 0.87% after reports the company may be considering a takeover bid for Spanish firm Cellnex. Cellnex shares jumped more than 10% on the news.

– CNBC’s Michelle Fox, Yun Li, Tanaya Macheel, Sarah Min, Jesse Pound, Carmen Reinicke, Samantha Subin contributed reporting.

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