Take a look at the companies making headlines in midday trading. Ulta Beauty — Ulta Beauty shares fell 3% after Jefferies downgraded the beauty retailer to hold from buy, citing increased competition. Netflix – The streaming giant said it will stop reporting subscriber growth in quarterly earnings starting next year, sending its shares down more than 7%. Shares are heading for their worst day since July. Shopify — Morgan Stanley upgraded the Canadian e-commerce company to overweight, citing confidence in the company’s growth potential, particularly its expanded international appeal and rising operating leverage. Shares rose 1.8%. SLB — Energy stocks fell nearly 2% despite a first-quarter report that was largely in line with expectations. SLB reported revenue of $8.71 billion, slightly above analysts’ forecasts of $8.69 billion, according to LSEG. Adjusted earnings per share were 75 cents, in line with expectations. SLB did, however, report annual revenue declines in North America. American Express Co. — Shares of American Express rose 4.5% after the financial services company reported first-quarter diluted earnings of $3.33 per share, above the $2.95 expected by analysts polled by FactSet. Revenue was $15.8 billion, compared with consensus estimates of $15.79 billion. American Express said U.S. consumer spending grew 8% compared with the same period last year. Super Micro Computer — Server and data storage company shares fell more than 17%. Earlier in the day, AMD said its fiscal third-quarter results would be released on April 30, but did not provide any guidance ahead of the report. Ibotta — Shares of the technology company fell nearly 6% in one day following its Ibotta initial public offering. The stock remains about 11% above its IPO pricing. Paramount — Shares of Sony Pictures Entertainment Inc. and Apollo Worldwide Management Inc. rose more than 8% after The New York Times and Bloomberg reported they were in talks to jointly acquire the media company. PPG Industries – Materials shares fell nearly 3% after the company’s first-quarter revenue fell short of Wall Street expectations due to lower sales. Intuitive Surgical — Shares of Intuitive Surgical fell nearly 2% despite strong revenue and profit performance in the first quarter. The company also said it expects full-year program growth to reach 14% to 17%, compared with its previous forecast of 13% to 16%. —CNBC’s Samantha Subin, Michelle Fox, Pia Singh and Jesse Pound contributed reporting.
