The stock market is trading higher midday. The S&P 500 gained 0.40%, and the tech-heavy Nasdaq Composite climbed 0.70%. The Dow Jones Industrial Average added 0.06%, while the Russell 2000 Index is flat.
All Magnificent 7 stocks are up.
S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
- Netflix (NFLX) +10.8%
- Lamb Weston (LW) +10.7%
- Intuitive Surgical (ISRG) +10.1%
- Dexcom (DXCM) +3.9%
- Vistra (VST) +3.8%
The worst-performing five S&P 500 stocks with the largest midday drop are:
- Bunge Global (BG) -5.8%
- CVS Health (CVS) 5.5%
- Archer-Daniels-Midland (ADM) -4.5%
- SLB (SLB) -3.9%
- Vertex Pharmaceuticals (VRTX) -3.0%
Stocks also worth noting include:
Lamb Weston shares pop after potential sale
Lamb Weston surged 11% following a Wall Street Journal report that activist investor Jana Partners has acquired a stake in the company, aiming to encourage a potential sale.
Jana believes Lamb Weston shares are undervalued, citing "self-inflicted missteps" that hurt shareholder performance, according to a filing.
Related: Key McDonald’s supplier shuts production plant, no bankruptcy yet
The firm suggested a review of strategic alternatives, board and management changes, and raised concerns about issues like share buybacks, management pay, capital spending, and raw potato procurement, Bloomberg reported.
Lamb Weston is the largest producer of french fries in North America. The stock is down 26% year-to-date.
Netflix soars on earnings beat
Netflix shares surged 11% after the company surpassed third-quarter expectations. The streaming giant reported earnings of $5.40 per share on $9.83 billion in revenue, beating analysts’ forecast of $5.12 per share on $9.77 billion in revenue.
Related: Netflix hints at when subscriber rates may rise
Netflix also saw a 35% quarter-over-quarter jump in its ad memberships. The company expects fourth-quarter revenue to reach $10.13 billion, with earnings of $4.23 per share.
In the coming quarter, Netflix is set to release the second season of its hit series “Squid Game” and host live sports events, including two NFL games on Christmas Day.
CVS Health falls after CEO swap
CVS Health lost 5.5% after the company announced a change in CEO position, narrowing from the morning tumble of 11%.
Related: CVS Health stock crushed as Medicare Advantage hit triggers big changes
The drug store chain replaced CEO Karen Lynch with David Joyner, effective Oct. 17. Joyner previously served as executive vice president of sales and marketing at CVS Health.
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“We believe David and his deep understanding of our integrated business can help us more directly address the challenges our industry faces,” said the current chairman of the board, Roger Farah, who will now be executive chairman.
CVS also posted a weaker-than-expected Q3 outlook. It now projects adjusted earnings between $1.05 and $1.10 per share, less than the $1.69 a share expected from analysts.
Related: Veteran fund manager sees world of pain coming for stocks
