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Reed Hastings, co-founder and CEO of Netflix attends the inauguration of Netflix new offices in Paris, France, January 17, 2020.
Gonzalo Fuentes | Reuters
Check out the companies making headlines midday on Thursday:
Netflix — Shares of the streaming giant rose nearly 5% to an intraday all-time high of $449.52 per share on Thursday. The stay-at-home stock got a boost when Goldman Sachs hiked its price target to $490 per share, tied for the highest on the Street. Goldman said Netflix will report better-than-expected earnings next week.
Abbott Laboratories — Abbott shares climbed more than 4% after the biotechnology company reported quarterly results that surpassed analyst expectations. The company posted an adjusted profit of 65 cents a share on revenue of $7.73 billion. Wall Street expected earnings of 59 cents a share on sales of $7.44 billion. The company also highlighted three diagnostic tests for coronavirus, including molecular tests.
KeyCorp — KeyCorp shares dropped more than 6% after the company posted disappointing earnings and revenue for the previous quarter. KeyCorp earned 12 cents per share on revenue of $1.466 billion. Analysts polled by Refinitiv expected a profit of 18 cents a share on revenue of $1.563 billion. The company increased its loan-loss provisions to $359 million from $62 million in the year-earlier period.
BlackRock — Better-than-expected earnings pushed BlackRock shares up more than 6%. The asset-management giant reported a profit of $6.60 per share, topping a Refinitiv estimate.
Bank of New York Mellon — Bank of New York Mellon jumped more than 4% after the bank reported better-than-expected quarterly results. The bank beat estimates by 17 cents with quarterly earnings of $1.05 per share, with revenue also topping expectations as market volatility boosted its fee revenue, according to Refinitiv.
Co-Diagnostics — The diagnostics company jumped more than 19% after the company said its saliva test for coronavirus was validated by a certified laboratory. The stock has gained more than 1,100% this year.
Jack in the Box — Shares of the restaurant chain jumped more than 18% after BTIG upgraded the stock to buy from neutral. The company said on Wednesday that it expected same-store sales to decline by 4.2% in its fiscal second quarter, which ended last week, and that 99% of its locations were still open. BTIG said in a note that this put Jack in the Box’s performance inline with peers even though its stock price had fallen further.
Vanda Pharmaceuticals — The drugmaker rose 4.4% after the company announced that it has enrolled its first human patient in a trial for a Covid-19 treatment. The phase three trial will involve about 300 patients, with some given Vanda’s Odyssey drug and others given a placebo.
United Airlines — Shares of United Airlines tanked nearly 10% after the airline company said it would cut its May schedule by 90% with travel demand plummeting amid the coronavirus crisis. “Less than 200,000 people flew with us during the first two weeks of April this year, compared to more than 6 million during the same time in 2019, a 97 percent drop,” CEO Oscar Munoz said in a statement.
Goodyear Tire & Rubber — The tire company fell more than 5% after releasing preliminary first quarter results. Goodyear said its first-quarter sales were approximately $3.0 billion, down from $3.6 billion a year ago. The company also suspended it dividend.
Chegg — Shares of the education technology company dipped more than 4% after JPMorgan downgraded the stock to a neutral rating. “At least 200 colleges and universities have shifted the Spring semester to pass/fail grading, which creates downside risk to subscribers in 2Q. Online traffic data also suggests some weakness in 1Q,” the firm said.
Square — An analyst at Raymond James downgraded the payments company’s stock, sending it down more than 6%. The analysts took Square down to underperform from market perform, noting the coronavirus is the company’s “kryptonite.” He also thinks “there is a significant disconnect between the recent performance of the stock,” the analyst said.
— CNBC’s Yun Li, Pippa Stevens, Maggie Fitzgerald and Jesse Pound contributed to this report.
