Business

Netflix, Las Vegas Sands and more

The Netflix logo can be seen on their Hollywood, California office.

Lucy Nicholson | Reuters

Check out the companies that make headlines in the afternoon trade.

Netflix – The streaming company’s shares rose 7.4% on the day after Netflix reported a smaller-than-expected loss of subscribers in the latest quarter. Netflix reported a decline in revenue, but lost revenue.

Casino promotions. Shares of Las Vegas Sands and Wynn Resorts rose 4.4% and 4%, respectively. The action follows a Reuters report that Macau will reopen casinos on Saturday as Covid restrictions gradually loosen.

Bath & Body Works – Shares of Bath & Body Works fell more than 1% after the personal care retailer cut its second-quarter and full-year guidance. The company cited macroeconomic problems as the reason for the reduction.

Baker Hughes – Shares fell more than 8% after the oilfield services company reported disappointing second-quarter earnings. Baker Hughes reported earnings of 11 cents per share, half of what analysts had expected, according to the Refinitiv Consensus Estimate.

Biogen – Shares of the biopharmaceutical company fell 5.8% despite the company reporting lower quarterly earnings and revenue. Biogen said it is facing increasing competition from generic and biosimilar manufacturers for its Tecfidera and Rituxan products.

Merck — Merck’s stock fell 2.9% after the company’s cancer drug missed its target in a late-stage trial in patients with head and neck cancer.

Nasdaq – Shares of the exchange operator jumped 6.1% on the back of high and low earnings. Nasdaq reported earnings of $2.07 per share on revenue of $893 million.

JB Hunt Transport Services – Shares of JB Hunt fell about 0.8% despite a stronger-than-expected report for the latest quarter. The company’s chief operating officer said labor and equipment markets remain “challenging.” The transportation company reported earnings of $2.42 per share on revenue of $3.84 billion. Analysts polled by Refinitiv posted earnings of $2.35 per share on revenue of $3.60 billion.

Elevance Health – Elevance shares fell 7.6% despite declining earnings and revenue in the most recent quarter. The company formerly known as Anthem also raised its full-year guidance.

– CNBC’s Tanaya Macheel, Sara Min and Jesse Pound provided reporting.


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