Netflix, Snap, Warner Bros. Discovery, AT&T, Novavax and more

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The Netflix logo is seen on a TV remote controller in this photo taken on January 20, 2022.

Dice Ruvik | Reuters

Take a look at the companies making headlines in midday trading.

Netflix– Netflix fell 8.6% following Digiday’s report that the streaming stock’s early-stage ad business is missing audience targets. The company is said to be refunding the money to the advertisers.

Novavax — Shares of the drugmaker fell 34.3% after it proposed to issue up to $125 million in common stock and $125 million in convertible debt.

Warner Bros. Discovery – Shares of Warner Bros. Discovery tumbled 8.9% after raising estimates of its restructuring costs by $1 billion. The media giants have been making efforts to cut costs since the merger AT&TWarnerMedia division and Discovery earlier this year.

Verizon, AT&T — Information technology stock later added 0.85% Morgan Stanley upgraded it from equal weight to overweight, its shares were attractive relative to historical levels. AT&T shares are up 2.28% following a separate downgrade from Morgan Stanley citing the stock’s recent advance.

Snap – Shares of social media company Snap fell 8.18% and was put on hold by analysts at Jefferies. Earnings may be weighed down due to an uncertain macroeconomic backdrop.

Western Digital – Chip stock Goldman Sachs fell 10.1% after downgrading it from neutral to sell. The Wall Street firm cited higher inventory and lower demand in the memory business.

Delta Air Lines – Delta The stock fell 3% after the cut Evercore said it sees more balanced risk/reward for the name than ISI outperformed. Thursday’s decline comes after Wednesday’s gains for stocks The airline predicts that revenue will almost double by 2023.

Jet Blue – JetBlue fell 3.6%, continuing its slide on Tuesday after the airline warned that demand in December was weaker than previously expected. Cowen downgraded the stock to market perform from an outperform rating.

Lenor – Shares of Lennar rose 3.8% after the homebuilder reported mixed results in its latest quarter. According to Refinitiv, earnings came in higher than expected but missed estimates of $4.55 per share. The company’s outlook for new orders was also weaker than expected.

Trading desk – Shares of the ad trading platform fell 8.2% after a Jefferies analyst downgraded the stock from buy. The company’s trade desk said in a note to clients that it has “best-in-class fundamentals” but is already trading at a premium to its peer group. The stock may also be under pressure from a Digiday report about Netflix returning some advertiser money.

Madison Square Garden entertainment – Shares rose 1.4% after Morgan Stanley upgraded the stock to equal weight from underweight. The investment bank cited “increased visibility” in the earnings power of Madison Square Garden Entertainment’s venues in New York and its Sphere venues in Las Vegas, which could increase stakes.

Marriott International – Shares fell 2.5% after Barclays Downgraded accommodation from overweight to equal weightStocks are trading fairly given the rising macro risks.

Lockheed Martin — Shares fell 1.3% after Morgan Stanley downgraded the stock from overweight to equal weight, saying its performance will cool somewhat in 2023. However, the company raised its price target, saying it is still bullish on the company’s portfolio.

— CNBC’s Alex Haring, Carmen Reinicke, Michelle Fox, Jesse Pound, Sarah Min, Tanaya Machill and Yun Li contributed reporting.


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