Hot Stocks: NFLX upgrade; ASTS launch plan; PLCE slips on earnings; KNTK secondary offering
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Netflix (NASDAQ:NFLX) ranked among the notable performers in Wednesday's midday trading, rallying after Wedbush removed its bearish stance on the stock. AST SpaceMobile (NASDAQ:ASTS) also showed intraday strength, as a deal to send its satellites into orbit sparked a rally of over 40%.
Looking to the downside, Children's Place Retail Stores (NASDAQ:PLCE) suffered a midday slump after its revenue figure failed to meet expectations. Meanwhile, the pricing of a secondary offering prompted a selling spree in Kinetik (NASDAQ:KNTK). 
Gainers
Netflix (NFLX) showed a 5% advance in midday trading as Wedbush declared "hell freezes over" by upgrading the stock. Analyst Michael Pachter argued that the streaming video service had evolved into a "low-growth, extremely profitable enterprise," leading him to raise his rating from Underperform to Neutral. 
In other news, shares of AST SpaceMobile (ASTS) skyrocketed more than 44% higher after announcing a partnership with SpaceX (SPACE). The company, which is building a space-based cellular broadband network, said the multi-launch agreement with SpaceX includes sending its first production satellites out of the U.S.
According to the company, a launch this summer will complete the developmental phase for ASTS.
Decliners
Children's Place Retail Stores (PLCE) showed weakness in midday trading after the retailer reported disappointing revenue for its latest quarter. The company beat expectations on the bottom line but revealed a top-line figure below Wall Street projections. Revenue rose 7% from last year to reach nearly $508M -- about $30M below analysts' consensus. 
Hurt by the quarterly report, PLCE slipped 2% in intraday action.
Elsewhere, news of a secondary offering sent shares of Kinetik (KNTK) reeling. The stock dropped about 15% after pricing a secondary offering of 3.5M shares, which is being sold by Apache Midstream at $58 per share. KNTK had closed Tuesday's trading at $69.88.

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