Netflix shares slump on revenue outlook, Tesla's stock slips on margin fears, and other stocks on the move

By MarketWatch

Here are some of the biggest movers of the day:

Stock gainers

Sirius XM Holdings Inc.'s(SIRI) stock skyrocketed 28.2% prior to a trading halt for volatility. The stock has risen in recent days, apparently as a result of short covering.

International Business Machines Corp.'s(IBM) stock rose 2.3% after the tech giant reported better-than-expected second-quarter profit.

Shares of United Airlines Holdings Inc.(UAL) rose 2.5% after the air carrier raised its full-year profit outlook following strong second-quarter results.

Zions Bancorp.(ZION) shares jumped 9.1% after the regional bank reported a profit that topped expectations, with executives citing a rebound in customer deposits but higher resulting costs.

Stock decliners

Netflix Inc.'s(NFLX) stock was off 8.7% after the streaming giant easily topped subscriber expectations but brought in less revenue than Wall Street was modeling and delivered a light top-line outlook for the current period.

Tesla Inc. (TSLA) shares dropped 10.2% after the electric-vehicle maker beat Wall Street analysts for its second quarter but not in the blowout fashion that some market observers were expecting

Shares of Discover Financial Services(DFS) dropped 16.2% after the company reported above-expectations quarterly results but disclosed a FDIC probe

Equifax Inc. (EFX) shares fell 8.2% after the credit-reporting company reduced its full-year forecast, blaming a weak mortgage market.

Casino operator Las Vegas Sands Corp. (LVS) reported second-quarter results that beat expectations amid a broader rebound in tourism spending at its properties in Singapore and Macau, but shares fell 4.6%.

The U.S.-listed shares of Taiwan Semiconductor Manufacturing Co.(2330.TW) fell 5.2% after the contract semiconductor maker topped second-quarter earnings expectations but reported margins that contracted, while providing a somewhat downbeat outlook.

-MarketWatch

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07-20-23 1539ET

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