Netflix, Nio, BlackRock, Tesla and more

Check out the companies making headlines in midday trading. 

Netflix — Shares of the streaming video giant fell 6.5{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after company missed earnings estimates gave guidance for subscriber growth that came in lower than Wall Street expected. The company also announced that Ted Sarandos would become co-chief executive officer.

Nio — Shares of electric car maker Nio dropped more than 14{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after a Goldman Sachs analyst downgraded them to sell. The analyst cited concern around Nio’s valuation after the stock surged more than 60{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} last month. “We believe the current share price reflects over-optimism given no substantial changes to volume/profit expectations,” the analyst wrote in a note.

BlackRock — Shares of the money manager jumped 3.3{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after it beat estimates on the top and bottom lines for its second quarter. The company reported adjusted earnings per share of $7.85 on $3.65 billion of revenue, showing growth in performance fees and technology service revenue. Analysts surveyed by Refinitiv expected $6.99 in earnings per share and $3.54 billion of revenue.

Facebook, Amazon, Microsoft, Alphabet — Alongside Netflix, the so-called FANG stocks slid, continuing technology stocks weakness this week. Facebook lost 0.5{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} and Alphabet dropped nearly 1{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. Microsoft and Amazon lost 0.6{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} and 0.9{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, respectively. All of the FANG stocks are headed for big weekly declines. 

State Street — Shares of State Street dropped 3.5{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} despite its better-than-expected quarterly earnings. The asset manager said it earned $1.86 per share in the latest quarter, helped by lower expenses and strong fee performance. Analysts polled by FactSet were expecting $1.58 a share.

J.B. Hunt — Shares of JB Hunt Transport gained 3{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after the transportation and logistics company’s second-quarter earnings beat expectations. Wall Street also grew more bullish on the company following the results. Deutsche Bank upgraded the stock to hold from sell, citing pricing benefits and a better macro backdrop. Citigroup, UBS and Morgan Stanley all raised their price targets on JB Hunt Friday.

Tesla — Shares of the electric vehicle maker gained 1{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after Credit Suisse doubled its target on the stock to $1,400 from $700. The firm maintained its neutral rating on the Elon Musk-led company, however. Shares of Tesla have more than tripled this year.

Carnival Corp., Norwegian Cruise, Royal Caribbean Cruises – Shares of the major cruise line operators all dropped more than 1{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after the CDC extended a no-sail order through the end of September. The order, which was first announced in March, was set to expire on July 24.

Regions Financial — Shares of the company slid 3.2{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after missing on its second quarter earnings. Third quarter net interest income guidance disappointed. 

— with reporting from Yun Li, Fred Imbert, Jesse Pound and Pippa Stevens.