Market Insider

Stocks making the biggest moves: Johnson & Johnson, Western Digital, Bank of America & more

Alex Gorsky, CEO of Johnson & Johnson
Adam Jeffery | CNBC

Check out the companies making headlines midday Thursday:

Johnson & Johnson — Johnson & Johnson rose 1.1% after the company reported quarterly results that beat analyst estimates. The company posted earnings of $2.10 per share, 7 cents higher than expected amid strong prescription drug sales. Johnson & Johnson's revenue also topped expectations. The multinational also narrowed their 2019 fiscal year earnings guidance to $8.53-$8.63, while analysts estimate earnings of $8.58 per share.

BlackRock — Shares of the world's largest asset manager rose over 3% after it beat estimates on its first-quarter profit. BlackRock's total assets rose 3% year-over-year to $6.52 trillion.

Netflix — Shares of Netflix rose 3% after Deutsche Bank upgraded the streaming company's rating to buy from hold. The bank cited the stock's valuation and conservative consensus subscriber estimates for the upgrade. "Netflix is becoming more of a cultural necessity for people around the world," Deutsche Bank analyst Bryan Kraft wrote in a note.

J.B. Hunt Transport Services — Shares of the trucking and transportation company dropped nearly 5% after it missed Wall Street estimates in its first quarter earnings. J.B. Hunt reported $1.09 earnings per share, compared to Refinitiv's estimated $1.26. The company cited bad weather in the Midwest as the cause of its low volume.

UnitedHealth Group — UnitedHealth Group dropped 4% after CEO David Wichmann warned that "Medicare for All" proposals pushed by Democratic lawmakers and presidential candidates would "destabilize the nation's health system."

Chevron — The energy giant's stock rose 0.9% after a court ruled that Chevron does not have to pay $9.5 billion to the Ecuadorian government in a pollution-related case.

Western Digital — An analyst at Deutsche Bank upgraded the Western digital to buy from hold, citing an attractive valuation and conservative subscriber estimates. The company's stock rose 4.7%.

KAR Auction Services — Activist investor Jeffrey Smith unveiled a stake in the car auction company, sending its stock up more than 2%.

Bank of America — The banking giant's stock rose 0.1% after reporting better-than-expected earnings. However, CFO Paul Donofrio said annual net interest income would grow at about half the pace it did in 2018.

—CNBC's Jessica Bursztynsky and Nadine El-Bawab contributed to this report.