ULTA, NFLX, AXP, IBTA and more

Check out the companies making headlines in midday trading. Ulta Beauty shares fell 3% after Jefferies downgraded the beauty retailer to a hold from a buy rating, citing rising competition. Netflix sank more than 7% after saying it will stop reporting subscriber growth in its quarterly earnings starting next year. Shopify shares advanced 1.8% after Morgan Stanley upgraded the Canada-based e-commerce company to overweight, citing confidence in the company’s growth potential, particularly that it will expand its international traction, as well as its operating leverage upside. The energy stock SLB fell nearly 2% despite a first-quarter report that largely met first-quarter expectations. American Express shares popped 4.5% after the financial services company reported diluted earnings per share of $3.33 for its first quarter, topping the $2.95 expected from analysts. Super Micro Computer slipped more than 17%, and Ibotta shares fell nearly 6% a day after its initial public offering. The stock is still roughly 11% above where it priced its IPO. CNBC’s Samantha Subin, Michelle Fox, Pia Singh, and Jesse Pound contributed reporting.

Several companies were making headlines in midday trading. Ulta Beauty saw its shares fall 3% after being downgraded by Jefferies due to rising competition. Netflix experienced a more significant drop of over 7% after announcing it would no longer report subscriber growth in its quarterly earnings starting next year. On the other hand, Shopify’s shares rose 1.8% following an upgrade by Morgan Stanley, citing confidence in the company’s growth potential and international expansion. Energy stock SLB fell nearly 2% despite meeting first-quarter expectations, reporting $8.71 billion in revenue and 75 cents per share in adjusted earnings. American Express saw its shares jump 4.5% after reporting better-than-expected earnings and revenue in the first quarter, with U.S. consumer spending up 8% from a year earlier. Super Micro Computer slipped more than 17% ahead of its fiscal third-quarter results, set to be released on April 30. Ibotta, a technology company, saw its shares fall nearly 6% following its recent initial public offering, although it was still trading above its IPO price.

Source link