Reed Hastings, Netflix co-founder and CEO, attends the inauguration of new Netflix offices in Paris, France, January 17, 2020.
Gonzalo Fuentes | Reuters
Check out the companies making headlines on Thursday afternoon:
Netflix – The streaming giant’s shares rose nearly 5% on Thursday to an all-time high of $ 449.52 per share. The stay-at-home share got a boost when Goldman Sachs raised his price target to $ 490 per share, equal to the highest on the street. Goldman said Netflix will report better-than-expected earnings next week.
Abbott Laboratories – The Abbott share rose more than 4% after the biotechnology company reported quarterly results that exceeded analyst expectations. The company posted adjusted earnings of 65 cents per share on revenues of $ 7.73 billion. Wall Street expected a profit of 59 cents per share on a turnover of $ 7.44 billion. The company also highlighted three diagnostic tests for coronavirus, including molecular tests.
KeyCorp – KeyCorp shares were down more than 6% after the company posted disappointing earnings and revenues for the previous quarter. KeyCorp earned 12 cents per share on revenues of $ 1.466 billion. Analysts surveyed by Refinitiv expected earnings of 18 cents per share on revenues of $ 1.563 billion. The company raised its loan loss provisions from $ 62 million in the prior year period to $ 359 million.
BlackRock – Better than expected earnings drove BlackRock shares by more than 6%. The asset management giant reported earnings of $ 6.60 per share, on top of an estimate by Refinitiv.
Bank of New York Mellon – Bank of New York Mellon rose more than 4% after the bank reported better-than-expected quarterly results. The bank beat estimates by 17 cents with a quarterly profit of $ 1.05 per share, with earnings also outperforming expectations as market volatility increased its fee earnings, Refinitiv said.
Co-diagnostics – The diagnostics company jumped more than 19% after the company said the coronavirus saliva test was validated by a certified laboratory. The stock has gained more than 1,100% this year.
Jack in the Box – The restaurant chain’s shares rose more than 18% after BTIG upgraded its shares to buy from neutral. The company said on Wednesday that it expected sales from the same stores to fall 4.2% in the second quarter ended last week, with 99% of locations still open. BTIG said in a note that this aligned Jack in the Box’s performance with that of colleagues, even though the stock price had fallen further.
Vanda Pharmaceuticals – The drug manufacturer rose 4.4% after the company announced it had enrolled its first human patient in a trial for a Covid-19 treatment. The phase three study will involve approximately 300 patients, with some receiving Vanda’s Odyssey drug and others receiving a placebo.
United Airlines – United Airlines shares have tanked nearly 10% after the airline said it would cut its May schedule by 90% as travel demand would drop during the corona virus crisis. “Less than 200,000 people flew with us in the first two weeks of April this year, compared to more than 6 million in the same time in 2019, down 97 percent,” CEO Oscar Munoz said in a statement.
Goodyear Tire & Rubber – The tire business decreased by more than 5% after disclosing preliminary Q1 results. Goodyear said first quarter sales were approximately $ 3.0 billion compared to $ 3.6 billion a year ago. The company also suspended the dividend.
Chegg – Shares of the educational technology company fell by more than 4% after JPMorgan downgraded its shares to a neutral rating. “At least 200 colleges and universities have shifted the spring semester to a pass / fail rate, posing a downside risk to subscribers in the second quarter. Online traffic data also suggests some weakness in the first quarter,” the company said.
Square – An analyst at Raymond James has downgraded the payment company’s stock, dropping it by more than 6%. Analysts thought Square was underperforming market performance, noting that the corona virus is the company’s “kryptonite”. He also thinks “there is a significant difference between the recent performance of the shares,” said the analyst.
– CNBC’s Yun Li, Pippa Stevens, Maggie Fitzgerald and Jesse Pound contributed to this report.