Stocks making the biggest moves midday: Ulta Beauty, Netflix, American Express, Ibotta and more
Check out the companies making headlines in midday trading. Ulta Beauty — Ulta Beauty shares fell 3% after Jefferies downgraded the beauty retailer to a hold from a buy rating, citing rising competition. Netflix — The streaming giant sank more than 9% after saying it will stop reporting subscriber growth in its quarterly earnings starting next year. Shares were headed for their worst day since July. Shopify — Shares advanced 0.27% 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. SLB — The energy stock fell 2.18% despite a first-quarter report that largely met expectations. SLB reported $8.71 billion in revenue, just above the $8.69 billion projected by analysts, according to LSEG. Adjusted earnings of 75 cents per share matched expectations. However, SLB did report revenue in North America was down year over year. American Express — Shares popped 6.2% after the financial services company reported diluted earnings per share of $3.33 for its first quarter, topping the $2.95 expected from analysts polled by FactSet. Revenue was $15.8 billion versus the consensus estimate of $15.79 billion. American Express said U.S. consumer spending increased 8% from a year earlier. Super Micro Computer — The server and data storage company slipped more than 23%. Earlier in the day, Super Micro Computer said fiscal third-quarter results will be out April 30, but offered no guidance ahead of the report. Ibotta — Shares of the technology company fell 6.17% a day after Ibotta's initial public offering. The stock is still roughly 11% above where it priced its initial public offering. Paramount — Shares climbed more than 13% following reports from The New York Times and Bloomberg that said Sony Pictures Entertainment and Apollo Global Management have been in talks to jointly acquire the media company. PPG Industries — The materials stock slumped 3% after the company missed Wall Street's revenue estimates in the first quarter due to falling sales volume. Intuitive Surgical — Shares ticked down nearly 2% despite the company beating on the top and bottom lines in the first quarter. The company also said it expects a higher full-year procedural growth clip of 14% to 17% compared to a previous forecast of 13% to 16%. — CNBC's Samantha Subin, Michelle Fox, Pia Singh and Jesse Pound contributed reporting.