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Oct 3, 2019

Market Insider | Stocks making the biggest moves midday: Tesla, PepsiCo, Netflix, Delta & more

Michael Sheetz




GP: Tesla Motors Inc. Chief Executive Officer Elon Musk News Conference 1
Elon Musk, co-founder and chief executive officer of Tesla Motors.
Yuriko Nakao | Bloomberg | Getty Images
Check out the companies making headlines in midday trading:
Tesla – Shares of the electric automaker dropped 6.5% after the company reported third quarter deliveries, a metric closely associated with sales, that were below what Wall Street expected. Following the announcement, JMP Securities lowered its rating on Tesla’s stock to market perform from market outperform. Additionally, analysts said Tesla’s weaker than anticipated numbers may belie other underlying issues, such as slowing demand or lowered profit margins.
PepsiCo – The food and beverage giant’s stock climbed 4% after it announced third-quarter results that beat analyst expectations. PepsiCo stuck to its 2019 forecast for full year earnings of $5.50 a share, with CEO Ramon Laguarta saying in a statement that the company now expects “to meet or exceed our full-year organic revenue growth target of 4%.”
Constellation Brands –  Constellation shares slipped 6.7% after reporting second quarter earnings that were undermined by weaker than expected sales of wine. Additionally, Credit Suisse noted Constellation earnings were offset by a nearly $55 million loss on its stake in cannabis company Canopy Growth.
Netflix – Shares fell more than 1.5% in midday trading after Bank of America warned that Netflix’ third quarter earnings results on Oct. 16 would be “make or break” for the company. Analyst Nat Schindler adds that competitive pressure from over-the-top offerings from Disney, Apple and others remain risks.
Delta Air Lines — Shares of Delta Air Lines fell for a second day, sliding nearly 3% after the airline company lowered its earnings guidance for the third quarter. Operating costs are also projected to rise. The company said new U.S. tariffs placed on Airbus planes “will inflict serious harm on U.S. airlines” and impact its profits.
GoPro – Shares of GoPro plunged a whopping 21% after the action camera maker cut its revenue and profit forecasts for the rest of the year. The company said a “late-stage production delay” in the latest Hero8 Black cameras would lead to a fall in revenue.
Activision Blizzard – Shares of the video game maker rose more than 4% after KeyBanc said initial numbers for Call of Duty: Mobile are positive. The game has been downloaded 20 million times since its Tuesday release, and the firm believes the game “has significant potential as a premium mobile game experience.”
– CNBC’s Pippa Stevens, Tom Franck and Yun Li contributed to this report.

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