Stocks making the biggest moves midday: Netflix, Block, Snap, KB Home and more
Check out the companies making the biggest moves midday:
Netflix — The streaming giant's stock climbed 8.5% following a report from YipitData that said the company's gross additions in Canada have improved. YipitData wasn't immediately available to comment on the report.
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Block — Shares plunged 14% after short seller Hindenburg Research announced its latest position in the stock. The firm alleges that Block facilitates fraud and described the company's internal systems as a "Wild West" approach to compliance.
Meta Platforms, Snap — The social media stocks moved higher as TikTok CEO Shou Zi Chew testified before the House Energy and Commerce Committee. The company faces a potential ban in the U.S. over privacy concerns. Snap gained 3.4%, while Facebook-parent Meta rose 2.9%.
First Republic, PacWest — Shares of the regional banks sank, with First Republic down more than 5% and PacWest slipping more than 9%, as investors continued to weigh the health of the banking system amid continued Federal Reserve rate hikes.
Regeneron Pharmaceuticals, Sanofi — Regeneron and Sanofi both gained roughly 7% after Dupixent, the the asthma drug the pharmaceutical giants jointly developed, met all targets in its trial to treat chronic obstructive pulmonary disease (COPD).
KB Home — Shares rallied 8.8% after the homebuilder's fiscal first-quarter earnings beat expectations. KB Home posted earnings per share of $1.45, topping Refinitiv's estimate of $1.15. Revenue came in at $1.38 billion, above the $1.31 billion expected. The company also announced a $500 million buyback program.
Worthington Industries — The industrial manufacturing company's stock soared 16.3% after its fiscal-third-quarter adjusted earnings per share came in at $1.04, topping StreetAccount's estimate of 78 cents. Revenue also beat expectations and the company cited optimism that underlying demand remains healthy.
Coinbase — Shares fell 14% after Coinbase was notified by the Securities and Exchange Commission that it identified possible violations of U.S. securities law. Oppenheimer also downgraded the stock to perform from outperform, citing the SEC notice and concerns over blockchain development in the U.S.
Chewy — Shares of the online pet products company lost 7.4% even after Chewy posted a top-and-bottom line beat for the recent quarter. Chewy shared slightly lower active user metrics on a year-over-year basis.
AMC — Shares of the movie theater operator jumped 3.1%, cutting March losses to 36%. The advance came even after Citi resumed coverage of AMC with a sell rating and a price target of just $1.6. The stock could be reacting to a report that said Apple plans to spend $1 billion a year on theatrical film releases.
HashiCorp — Shares rose 5% after BTIG initiated the software company as a buy. "In short, we think HCP is well positioned as the near dominant player in the rapidly growing infrastructure as code (IaC) market," BTIG said in a note.
Ford — The stock moved 1.1% higher following the automaker's latest financial results. Ford now breaks out those results by business unit instead of region. It's EV business lost $2 billion in 2022, which was offset by $10 billion in operating profit between its internal combustion and fleet business.
— CNBC's Sam Subin, Yun Li and Alex Harring contributed reporting.