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Tuesday, May 21, 2024

Midday Stock Update: NFLX, ASML, T, AMD Experience Significant Movements

Welcome to our midday market update, where we highlight the companies making waves in the trading world. Let’s dive into the latest news and developments from some of the most noteworthy stocks today.

First up, we have Netflix stealing the spotlight with a nearly 13% surge in their stock price. This comes on the heels of an impressive fourth-quarter revenue and strong subscriber growth, adding 13.1 million new members and bringing their total tally to 260.8 million.

ASML, the semiconductor equipment company, also saw a remarkable uptick of over 10% after surpassing Wall Street’s expectations in both fourth-quarter results and net sales.

On the flip side, AT&T took a slight hit with a 3% drop in their stock price. Despite beating subscriber expectations, they forecasted lower-than-expected adjusted earnings for 2024.

Meanwhile, Advanced Micro Devices (AMD) experienced a 6.7% surge following an upgrade to a buy rating by New Street Research, positioning them as a strong player in the datacenter artificial intelligence chips market.

Spotify made a move by announcing an update to its iPhone app in Europe, allowing users to purchase in-app subscriptions and audiobooks, leading to a 3% rise in their stock price.

Texas Instruments saw a 2% decrease in their shares after a less-than-ideal forward earnings and revenue guidance, falling short of consensus estimates.

In a surprising turn of events, SAP, the German software company, surged by 7% after revealing plans for voluntary buyouts or job changes for 8,000 employees as part of a major restructuring effort.

On the downside, DuPont de Nemours saw a nearly 12% tumble following a preannouncement of fourth-quarter results that fell below analyst expectations, along with weak first-quarter guidance.

Kimberly-Clark also faced a setback, with their stock dropping over 4% as their fourth-quarter results came in below expectations, partly due to a decline in operating margin.

Healthcare company Elevance Health, on the other hand, saw their shares rise by 1% as they exceeded Wall Street’s expectations and offered strong full-year guidance, despite lower health insurance memberships.

Abbott Laboratories experienced a slight 3.1% slip in their stock price despite posting solid earnings in line with analyst estimates, along with revenue that surpassed Wall Street’s expectations.

That’s it for our midday market roundup. Stay tuned for more updates and insights as we continue to track the latest movements in the world of finance.

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