Movers: Baker Hughes, Bath & Body Works, Nasdaq, Netflix, Tesla

Barry Adams
20 Jul, 2022
New York City

U.S. stocks advanced and investors digest the latest batch of earnings and housing market indicators flashed red signals ahead. 

The S&P 500 index increased 0.6% to 3,959.90 and the Nasdaq Composite index advanced 1.6% to 11,897.65. 

Futures of crude oil decreased $1.61 to $102.65 a barrel and natural gas increased 63 cents to $7.89 a unit. 

The yield on 10-year Treasury notes increased to 3.034%.  

Netflix increased 7.3% to $216.40 after the steaming services provider reported fewer than expected subscriber losses. 

In the second quarter, Netflix lost 970,000 subscribers, less than the previous estimate of 2 million. Moreover, earnings were ahead of expectations. 

Baker Hughes dropped 8.2% to $25.89 after the oil field services company reported sharply lower than expected earnings. 

Tesla gained 0.6% to $747.0 after the vehicle maker reported June quarter sales increased 42% to $16.9 billion from $11.96 billion a year ago.

Net income rose  rose 98% to $2.26 billion from $1.14 billion a year ago and diluted earnings per share jumped to $1.95 from $1.02 a year ago. 

Automotive gross margin declined, but still healthy, to 27.9% from 28.4% a year ago. 

Free cash flow in the quarter was nearly unchanged at $621 million from a year ago. 

Bath & Body Works, Inc increased 3.0% to $21.25 after the personal care retailer lowered its outlook for the second quarter and full-year.   

The company currently expects second quarter sales to be down six to seven percent from the last year compared to its previous guidance for a low single digit percent increase from 2021. 

The company lowered its second quarter earnings from continuing operations per diluted share to between $0.40 and $0.42 from its previous estimate of $0.60 to $0.65.

The company lowered its full year sales to be down mid-to-high-single digits from a year ago compared to its previous guidance of a low-single digit percent increase from 2021. 

Nasdaq Inc rose 6.1% to $169.04 after the exchange operator said second quarter revenues increased 6% to $893 million. 

Net income in the June quarter declined 10% to $307 million or $1.85 a share from $341 million or $2.05 a share a year ago.