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Check out the companies making the biggest moves midday:
Netflix — The streaming giant’s stock climbed 8.5% following a report from YipitData that said the company’s gross additions in Canada have improved. YipitData wasn’t immediately available to comment on the report.
Block — Shares plunged 14% after short seller Hindenburg Research announced its latest position in the stock. The firm alleges that Block facilitates fraud and described the company’s internal systems as a “Wild West” approach to compliance.
Meta Platforms, Snap — The social media stocks moved higher as TikTok CEO Shou Zi Chew testified before the House Energy and Commerce Committee. The company faces a potential ban in the U.S. over privacy concerns. Snap gained 3.4%, while Facebook-parent Meta rose 2.9%.
First Republic, PacWest — Shares of the regional banks sank, with First Republic down more than 5% and PacWest slipping more than 9%, as investors continued to weigh the health of the banking system amid continued Federal Reserve rate hikes.
Regeneron Pharmaceuticals, Sanofi — Regeneron and Sanofi both gained roughly 7% after Dupixent, the the asthma drug the pharmaceutical giants jointly developed, met all targets in its trial to treat chronic obstructive pulmonary disease (COPD).
KB Home — Shares rallied 8.8% after the homebuilder’s fiscal first-quarter earnings beat expectations. KB Home posted earnings per share of $1.45, topping Refinitiv’s estimate of $1.15. Revenue came in at $1.38 billion, above the $1.31 billion expected. The company also announced a $500 million buyback program.
Worthington Industries — The industrial manufacturing company’s stock soared 16.3% after its fiscal-third-quarter adjusted earnings per share came in at $1.04, topping StreetAccount’s estimate of 78 cents. Revenue also beat expectations and the company cited optimism that underlying demand remains healthy.
Coinbase — Shares fell 14% after Coinbase was…
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