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Midday movers: Netflix gains, ASML spurs rally in chip stocks

Published 24/01/2024, 11:56 pm
© Reuters

(Updated - January 24, 2024 11:37 AM EST) -- Main U.S. indexes rose Wednesday, boosted by generally positive corporate results as the quarterly earnings season kicks into top gear. Netflix (NASDAQ:NFLX) led mega-cap tech stocks higher and results from ASML (AS:ASML) lifted semiconductor names.

Here are some of the biggest U.S. stock movers today:

Netflix (NFLX) stock rose 12% after the streaming giant reported the addition of far more paying subscribers in the fourth quarter than expected, helped by a slate of popular programming.

AT&T (T) stock fell 3% after the telecommunications group unveiled a forecast for full-year earnings below expectations, as it grapples with tough competition from cable operators.

Tesla (NASDAQ:TSLA) stock rose 1% after the EV manufacturer following a Reuters report which stated the company has informed suppliers it wants to start production of a new mass-market electric vehicle in mid-2025. Tesla reports after the close Wednesday.

ASML (ASML) ADRs rose 8.3% after the Dutch chipmaking equipment maker reported fourth-quarter earnings that beat expectations and its best-ever quarterly orders.

General Dynamics (NYSE:GD) stock rose 5% after the U.S. defense contractor reported a jump in fourth-quarter revenue, as a tense global political climate sustained demand for its military equipment.

Texas Instruments (NASDAQ:TXN) stock fell 2% after the chipmaker forecasted first-quarter revenue and profit below market estimates.

Kimberly-Clark (NYSE:KMB) stock fell 4% after the consumer goods company’s fourth-quarter sales missed market expectations as price hikes softened amid choppy demand for its consumer goods products.

DuPont (NYSE:DD) stock fell 11% after the materials science company warned of an earnings shortfall as additional inventory destocking and continued weakness in China led to lower volumes.

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Ford (NYSE:F) stock fell 1.3%, with the auto giant set to recall 1.88 million units of certain 2011-2019 Explorer vehicles as A-pillar trim retention clips may not be properly engaged, allowing the trim to detach.

Abbott Laboratories (NYSE:ABT) stock fell 2.9% after the medical device manufacturer reported lower-than-expected sales in its pharmaceuticals unit.

Freeport-McMoran (FCX) stock rose 5.3% after the mining company reported fourth quarter earnings and revenue that topped estimates.

Amphenol (NYSE:APH) stock rose 5% following strong fourth quarter results and guidance that was in-line with estimates. Analysts said the company’s results were impressive.

TE Connectivity (NYSE:TEL) stock rose 7.5% after the electronic components company announced first quarter results and issued guidance. Margins surprised to the upside.

Progressive Corp. (NYSE:PGR) stock rose 5% after it reported better than expected earnings per share on strength in underwriting in the fourth quarter.

AMD (NASDAQ:AMD) shares climbed 6% amid strength in semiconductor stocks. Gains followed stronger than expected results from ASML. NVIDIA (NASDAQ:NVDA) climbed 3%, Applied Materials (NASDAQ:AMAT) climbed 4%, Broadcom (NASDAQ:AVGO) gained 2.5%, Super Micro Computer (NASDAQ:SMCI) rose 5%, and Lam Research (NASDAQ:LRCX) was up 2.5%

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Additional reporting by Louis Juricic

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