Stocks making the biggest moves midday: Netflix, Coinbase, Alphabet, SVB Financial & more

Check out the companies making headlines in midday trading.

Netflix — Shares of the streaming giant jumped more than 6% after Netflix added 7.66 million net subscribers in the fourth quarter, above the 4.57 million expected, according to StreetAccount. Founder Reed Hastings also announced that he is stepping away from his CEO role. The company’s 12 cents earnings per share were below estimates of 45 cents per share, according to Refinitiv, but was largely due to currency impacts on debt.

Alphabet — The Google parent saw shares rise 4.2% after CEO Sundar Pichai announced the company will lay off 12,000 employees noting in a memo that the company “hired for a different economic reality than the one we face today.”

Coinbase — The crypto services firm climbed 6.6% after JPMorgan reiterated its neutral rating on the stock, calling it a potential “beneficiary of the challenges that have faced other brokers/exchanges in the aftermath of the collapse and bankruptcy of FTX.”

Eli Lilly — Shares of the pharmaceutical company fell more than 2% after the U.S. Food and Drug Administration rejected the drugmaker’s experimental Alzheimer’s disease treatment as it had not provided enough trial data.

SVB Financial — Shares surged 16%, a day after Wells Fargo said SVB Financial seems like the “deal of the century” and said the bank “remains the trusted partner of the innovation economy.” SVB Financial also reported an earnings miss Thursday, but its 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 to overweight from equal weight, saying investors are buying a “best-in-class apparel brand with a proven track record of brand elevation.”

PPG Industries — Shares of PPG Industries climbed 5.2% after the company reported earnings that were in line with analyst estimates. The manufacturer reported adjusted earnings of $1.59 per share on $20.77 billion in revenue, where the Street expected $1.59 per share adjusted and $20.73 billion in revenue, according to Refinitiv. It also reaffirmed its full-year earnings growth.

Capital One — Capital One shares gained 5.6%, recovering their losses from the previous session. Thursday’s slide in shares came after news reports announcing that the company cut 1,100 jobs in its technology division.

PagerDuty — The software stock jumped more than 5% after being upgraded to overweight from equal weight by Morgan Stanley. The Wall Street firm said PagerDuty is poised for a pivot to profitability.

Concentrix — The stock declined 1.7% after the IT service management company posted weaker-than-expected quarterly results. Concentrix reported earnings of $3.01 per share on revenue of $1.64 billion. Analysts polled by StreetAccount were forecasting earnings of $3.33 per share on revenue of $1.68 billion.

Ally Financial — The financial stock rallied a whopping 19% after the company reported better-than-expected quarterly results. Adjusted earnings came in at $1.08 a share, higher than the 97 cents a share analysts surveyed by FactSet were looking for. Its revenue also topped expectations.

American Tower — Shares of American Tower fell 2.4% after reports that the company may be exploring a takeover bid of Spanish company Cellnex. Cellnex shares jumped more than 8% on the news.

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