Hot Stocks: NFLX gains on guidance, VITL rises on upgrade, while MTB and BKR slide on earnings miss
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Netflix, Inc. (NASDAQ:NFLX) gained after the streaming company topped Q2 guidance and experienced a smaller-than-expected loss in subscribers. Also on the rise is Vital Farms (NASDAQ:VITL) after receiving an upgrade to overweight.
In reverse, M&T Bank Corporation (NYSE:MTB) and Baker Hughes Company (NASDAQ:BKR) both sunk after the two missed on Q2 earnings.
Gainers
Shares of Netflix, Inc. (NFLX) popped 5% early on after the companyâs Q2 profits topped estimates. NFLX reported EPS of $3.20 compared to the forecasted $2.95 per share. Moreover, the streaming giant witnessed a net drop in 970K subscribers in the second quarter, after warning that it anticipated a drop of 2M.
Vital Farms (VITL) jumped 6.9% after Morgan Stanley upgraded the stock to an overweight rating saying that VITL is well positioned in the higher growth specialty egg segment. Morgan Stanley sees an attractive entry point following the 50% share price decline in 2022.
Decliners
M&T Bank Corporation (MTB) slid 5% on Wednesday after the bank reported less than stellar Q2 earnings. MTB reported Q2 net operating EPS of $3.10 which trailed the $3.15 consensus as expenses and its provision for credit losses climbed with its acquisition of People's United Financial.
Baker Hughes Company (BKR) came down 5.4% in premarket trading after missing on its Q2 earnings and revenue. BKR delivered Q2 Non-GAAP EPS of $0.11 which missed estimates by $0.11. The firm also came up short on revenue by $290M.
For details on the rest of Wall Streetâs most significant daily winners and losers, head over to Seeking Alpha's On The Move section.