Netflix – Netflix shares fell more than 3% after two Wall Street analysts joined a group of brokerages worried about new competitive pressures. Analysts have warned that heavy online spending and rival moves by Apple, Disney and NBC are starting to cost Netflix’s key content licenses and could impact subscriber growth and profitability.
Apple – Apple shares rose nearly 1% after an upgrade to “buy” from Jefferies. The company said Apple would have a bigger-than-expected impact from the 5G iPhones more than Wall Street expects. Jefferies has a price target of $260 on Apple, putting the company among the top 5 bullish Apple analysts in the market.
TESLA – Tesla shares plunged 4% after automaker CEO Elon Musk was charged in a lawsuit for incorrectly valuing SolarCity, offering flawed analysis and misleading investors during the acquisition of SolarCity. Tesla bought SolarCity in 2016 for $2.6 billion.
Snap – Snap shares rose 3.8% after Guggenheim upgraded the stock from “neutral” to “buy”. The company said the social media company could return about 30% to investors in the next 12 months. The analyst said that Snap’s strong trends in use and industry-leading access to children between the ages of 18 and 34 should drive the growth of advertising.
Wynn Resorts – Wynn Resorts shares rose 2% after an upgrade from Goldman Sachs to “buy” from “neutral”. The company cited “stabilizing” of the total gross revenue of the casino stock.
BlackBerry – Smartphone maker shares fell nearly 20% after the company reported disappointing revenue figures and reduced its forecast for full-year sales. BlackBerry announced second-quarter revenue of $261 million. Analysts polled by Refinitiv forecast revenue of $266 million. The company also lowered the upper end of the fiscal revenue guidance for 2020.
Anheuser-Busch InBev – AB InBev shares fell 2.4% after the company priced its initial public offering in Asia at HK$27 per share, which is at the lower end of the expected range.
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