Netflix, Coinbase, Alphabet, SVB Financial & more

Layoffs at Alphabet are the latest sign that big tech is finally taking steps to deal with skyrocketing spending

Tech stocks are listed on the Nasdaq.

Peter Kramer | CNBC

  • Check out the companies making headlines in midday trading.

Netflix — Shares of the streaming giant soared more than 8% after Netflix added 7.66 million net subscribers in the fourth quarter, ahead of the 4.57 million expected, according to StreetAccount. Founder Reed Hastings also announced that he is stepping down from his CEO role. The company’s earnings of 12 cents per share fell short of estimates of 45 cents per share, according to Refinitiv, but it was largely due to currency effects on debt.

alphabet – Google’s parent company saw its share price rise 5.34% after CEO Sundar Pichai announced the company was laying off 12,000 employees, noting in a memo that the company was “hiring for a different economic reality than the one faced with that we are facing today”.

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coin base – The crypto services company surged 11.61% after JPMorgan reiterated its neutral rating on the stock, calling it a potential “beneficiary of the challenges faced by other broker/exchanges following FTX’s collapse and bankruptcy.”

Eli Lilli — Shares of the pharmaceutical company fell 1.43% after the U.S. Food and Drug Administration rejected the drugmaker’s experimental treatment for Alzheimer’s disease for failing to provide enough study data.

SVB Finance – Shares rose 16.56% a day after Wells Fargo said SVB Financial was the “deal of the century” and said the bank “remains the trusted partner of the innovation economy.” SVB Financial also reported a profit loss on Thursday, but fourth-quarter net interest of $1.05 billion beat StreetAccount’s estimate of $1.01 billion.

Ralph Lauren – Shares rose more than 3% after Barclays upgraded Ralph Lauren from equal weight to overweight, and said investors are buying a “best-in-class clothing brand with a proven track record of brand enhancement.”

PPG Industries — PPG Industries shares rose 5.99% after the company reported earnings that matched analyst estimates. The maker reported adjusted earnings per share of $1.59 on sales of $20.77 billion, according to Refinitiv, while The Street reported adjusted $1.59 per share on sales of $20.73 billion -dollars expected. It also confirmed its earnings growth for the full year.

capital one — Capital One shares gained 6.4%, reversing losses from the previous session. Thursday’s slide came after news reports said the company would cut 1,100 jobs at its technology division.

PagerDuty — Software stock rose more than 5% after Morgan Stanley upgraded it to overweight. The Wall Street firm said PagerDuty is poised for a swing to profitability.

concentric — The stock fell 0.68% after the IT services company released weaker-than-expected quarterly results. Concentrix reported earnings of $3.01 per share on sales of $1.64 billion. Analysts polled by StreetAccount were forecasting earnings of $3.33 per share on sales of $1.68 billion.

ally finance — The financial stock gained a whopping 20.01% after the company reported better-than-expected quarterly results. Adjusted earnings came in at $1.08 per share, ahead of the 97 cents per share analysts polled by FactSet. Revenue also exceeded expectations.

American tower — American Tower’s shares fell 0.87% after reports that the company may be considering a takeover bid from Spanish company Cellnex. Cellnex shares rose more than 10% on the news.

– CNBC’s Michelle Fox, Yun Li, Tanaya Macheel, Sarah Min, Jesse Pound, Carmen Reinicke and Samantha Subin contributed coverage.