Market Insider

Netflix, Etsy, HP, Visa and more

Striking Writers Guild of America members walk the picket line in front of Netflix offices in Los Angeles, July 12, 2023.

Mike Blake | Reuters

Check out the companies making headlines in midday trading:

Visa — The credit card behemoth’s stock fell 2.5% after announcing plans to change its share structure. Visa’s Class A shares are held by the public, its B shares are held by U.S. banks, while C shares are owned by foreign banks. The company wants shareholders to approve an exchange offer that would release transfer restrictions on portions of the Class B stock.

Semtech — The semiconductor stock rose 10% after beating earnings expectations for the second quarter. Semtech earned 11 cents per share after adjustments, exceeding the consensus estimate of 2 cents per share from analysts polled by FactSet. However, the company offered weak guidance for the third quarter.

Penn Entertainment — The sports betting company’s shares rallied 8.7% Thursday. Deutsche Bank initiated a short-term catalyst call to buy Penn, citing an inexpensive valuation ahead of the launch of ESPN BET, which debuts in November.

Netflix — The streaming giant’s shares slipped 2.8% in midday trading after Chief Financial Officer Spencer Neumann said the ongoing Hollywood writers’ strike is bad for business. Speaking at a conference Wednesday, Neumann also cautioned that its ad-supported streaming option wouldn’t help move revenue forward in the short term and said operating margins would grow slower moving forward.

Yum China — The restaurant conglomerate’s shares gained 5.4% during midday trading after it announced new financial targets and unveiled plans to expand to 20,000 locations by 2026 during an investor day.

AMC Entertainment — The meme stock darling fell 1.1% after AMC said it had completed the equity offering it announced earlier this month. The movie theater chain said it sold 40 million shares at an average price of $8.14, raising about $325.5 million.

Etsy — The e-commerce retailer’s stock rose 3.2% after Wolfe Research upgraded Etsy to outperform from a peer perform rating, citing improving consumer spending and margins.

HP — The PC and printer stock slipped 1.7% on news that Warren Buffet’s Berkshire Hathaway sold about 5.5 million shares of its stock, amounting to roughly $158 million, a regulatory filing showed.

Exxon Mobil, Chevron — Shares of the oil majors were trading higher Thursday as U.S. oil prices surpassed $90 per barrel for the first time since November 2022. Exxon shares gained 1.7%, while Chevron added nearly 1%.

— CNBC’s Samantha Subin, Pia Singh and Alex Harring contributed reporting.

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