Monday, September 25, 2023
Homemarket insiderMidday movers: Apple, Netflix, MeadWestvaco & More

Midday movers: Apple, Netflix, MeadWestvaco & More

Take a look at some of Wednesday's midday movers:

Apple moved higher. The company entered into a consent decree with the Federal Trade Commission involving in-app purchases. Apple will provide consumer refunds of at least $32.5 million to settle a complaint it charged for kids' in-app purchases without parental consent.

Netflix moved lower after Wedbush said the company could be hurt by Tuesday's federal appeals court ruling that struck down the FCC's rules on the delivery of Internet content. It said if the ruling stands, Internet service providers will force Netflix to pay for unrestricted delivery of its content, which would increase its costs.

MeadWestvaco rose. The packaging-solutions company said fourth-quarter profits will meet estimates. It also said cost-cutting efforts are expected to save around $100 million by the end of 2015.

Fastenal was one of the worst performing stocks in the S&P 500. The industrial-and-construction-supply retailer and wholesaler reported a narrow earnings miss on a narrow sales beat.

Nu Skin Enterprises lost ground after an article from a Chinese newspaper seemed to question the company's direct-selling strategy. The company told CNBC the article contained inaccuracies and exaggerations not representative of its business in China.

Qiwi The so-called PayPal of Russia fell following reports Russia may place new restrictions on online payments.

Chelsea Therapeutics International surged after an FDA advisory panel recommended its drug to treat a rare form of low blood pressure be approved.

Regeneron Pharmaceuticals fell after being downgraded by BMO to market perform from outperform, saying its pipeline value will take longer to realize.

Dick's Sporting Goods moved higher after Credit Suisse upgraded its stock to outperform from neutral, citing a more focused management and improvements in its private-label program.

Riverbed Technology gained ground after the network-gear maker said it expects fourth-quarter results to come in above street views. Separately, it rejected Elliot Management's proposal to buy the company for $19 a share.

PetSmart fell after UBS downgraded the pet-specialty retailer to neutral from buy with a price target of $72 a share, citing the departure of its chief operating officer.

Hertz Global Holdings lost ground after Goldman Sachs cuts its rating to neutral from buy, based on valuation.

Lazard rose after Raymond James upgraded the stock to strong buy from outperform.

Tesla Motors continued to gain ground following its announcement Tuesday that fourth-quarter deliveries came in 20 percent higher than expected.

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—By CNBC's Rich Fisherman.

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