Market Insider

Stocks making the biggest moves midday: Tesla, Netflix, BlackBerry and more

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Check out the companies making headlines in midday trading:

Netflix — Netflix fell 4.26% after two more Wall Street analysts joined a host of brokerages worried about new competitive pressures. The internet streaming website's big spending and rival moves by Apple, Disney and NBC have started to cost Netflix key content licenses and could weigh on subscriber growth and profit, the analysts warn.

Apple — Shares of Apple rose nearly 1% but closed down 0.48% following an upgrade to buy from Jefferies. The firm said Apple will have a larger-than-expected impact from 5G iPhones than most of what Wall Street is expecting. Jefferies has a $260 price target on Apple, which places the firm among the top 5 most bullish Apple analysts on the Street.

Tesla — Shares of Tesla fell 7.47% after the automaker's chief executive Elon Musk was accused in a lawsuit of improperly valuing SolarCity, providing flawed analysis and misleading investors during the SolarCity acquisition deal. Tesla bought SolarCity in 2016 for $2.6 billion.

Snap — Shares of Snap rose as much as 3.8% but closed down 0.47% after Guggenheim upgraded the stock to buy from neutral. The firm said the social media company can return nearly 30% to investors in the next 12 months. Snap's strong usage trends and its industry-leading access to 18 to 34-year-olds should drive advertising growth, analyst said.

Wynn Resorts — Shares of Wynn Resorts rose 1.16% following an upgrade from Goldman Sachs to buy from neutral. The firm cited "stabilizing" of gross gaming revenue for the casino stock.

BlackBerry — The smartphone maker's stock plummeted 22.64% after the company reported disappointing revenue numbers and slashed its full-year sales outlook. Blackberry reported second-quarter revenue of $261 million. Analysts polled by Refinitiv expected revenue of $266 million. The company also lowered the top end of its fiscal 2020 revenue guidance.

Anheuser-Busch InBev — Shares of AB InBev fell 2.44% after the company priced its initial public offering of its Asia Budweiser business at HK$27 a share, which is at the low end of the expected range.

—CNBC's Tom Frank and Fred Imbert contributed to this report.