Stocks making the biggest moves midday: Netflix, Pinduoduo, Catalent, Bristol-Myers and more
Check out the companies making headlines in midday trading.
Catalent Inc. – Shares of pharmaceutical company Catalent fell 7.4% after earnings that disappointed Wall Street. While Catalent beat expectations for earnings, its revenue and full-year outlook were below estimates.
Dow - The chemical maker dropped 1.6% after KeyBanc downgraded it to underweight from sector weight. The bank said in a note that an economic slowdown, especially in Europe, could hurt demand for Dow and squeeze the company's profit margins.
Honda Motor — Shares of Honda moved 1.8% higher after it joined forces with LG Energy Solution to build a new battery production plant for electric vehicles in the U.S. The companies, which plan to invest $4.4 billion, aim to begin mass production of advanced lithium-ion battery cells by the end of 2025.
Pinduoduo — Pinduoduo surged 14.7% after topping estimates in the recent quarter on the top and bottom lines. The China-based e-commerce giant said a recovery in consumer sentiment helped results.
Netflix — Shares of the streaming giant rose 0.6% after a Bloomberg report that its ad tier could cost between $7 and $9 a month.
Bristol-Myers Squibb — Shares of Bristol-Myers Squibb slumped 6.2% after the company reported results from a midstage trial of its developing stroke treatment that failed to meet the main objective of the study.
Energy stocks — Energy stocks jumped in tandem with oil prices rose on news of a potential OPEC+ supply cut. Shares of Diamondback Energy, Marathon Oil, Occidental and Exxon Mobil rose from 2.3% to 4.0%.
Etsy — Etsy added 0.3% following news that it will require U.S. sellers on its platform to verify their bank accounts or provide their username and password to fintech platform Plaid.
— CNBC's Jesse Pound, Michelle Fox and Carmen Reinicke contributed reporting.