Check out the companies making headlines midday Friday:
Netflix — Shares of the video-streaming giant fell more than 2 percent after issuing weaker-than-expected guidance for the first quarter of 2019. The company also posted lighter-than-expected revenue for the fourth quarter of 2018.
Schlumberger — Schlumberger’s stock rose more than 6 percent and was on track for its biggest one-day gain since 2011. The jump came after the company issued upbeat guidance for 2019. CEO Paal Kibsgaard said in a statement Schlumberger expects “expect a more positive supply- and demand-balance sentiment to lead to a gradual recovery in the price of oil over the course of the year.”
American Express — The Dow component fell 0.3 percent on the back of disappointing quarterly results. American Express reported adjusted fourth quarter earnings of $1.74 per share and revenue of $10.47 billion. Analysts polled by Refinitv expected a profit of $1.80 per share and sales of $10.56 billion.
Boeing, Caterpillar — Shares of Boeing and Caterpillar rose 1.3 percent and 2.1 percent, respectively. The rise came after sources told CNBC that China has offered to boost U.S. imports for six years during ongoing trade talks.
Pilgrim’s Pride, Sanderson Farms —The chicken producers rose more than 6 percent each. An analyst at Mizuho Securities cited the recent thawing in U.S.-China trade talks, noting: “The long-awaited reopening of the China market would be unquestionably good news for US producers as China is by far the largest (and virtually only) market for chicken byproducts (paws and wing tips).”
V.F. Corp. — Shares of V.F. Corp. shot up more than 11.5 percent after the apparel company posted better-than-expected earnings. The company posted earnings per share of $1.16 percent, topping a $1.10 estimate.
Eli Lilly — Eli Lilly’s stock fell 2.9 percent in midday trading after the company announced that a phase 3 study of Lartruvo failed. Lartruvo is a drug that aims to treat cancer.
U.S. Concrete, Vulcan Materials, Eagle Materials, Summit Materials — Construction stocks rose broadly after Reuters reported that President Donald Trump is trying to revive support for an infrastructure plan that would last up to 13 years.
Tesla —The electric car maker’s stock dropped more than 8 percent after the company announced it would cut 7 percent of its workforce. CEO Elon Musk said in an email that Tesla faces a “very difficult” road ahead.