See the companies making headlines in midday trading. Ulta Beauty — Ulta Beauty shares fell 3% after Jeffries downgraded the beauty retailer to a “hold” rating from a “buy” rating, citing growing competition. Netflix — Shares of the streaming giant fell more than 9% after it said it would stop reporting quarterly profit growth based on subscriber counts starting next year. Stocks were headed for their worst day since July. Shopify – Shares rose 0.27% after Morgan Stanley upgraded its rating on the Canadian e-commerce company to an outperform, citing confidence in the company’s growth potential, particularly as it expands its international operations and potential for growth of its operating leverage. SLB – Energy stocks fell 2.18% despite a first-quarter report that largely met expectations. SLB reported revenue of $8.71 billion, slightly above the $8.69 billion analysts had forecast, according to LSEG. Adjusted earnings of 75 cents per share were in line with expectations. However, SLB reported that revenue in North America was down year-over-year. American Express — Shares jumped 6.2% after the financial services company reported diluted earnings per share of $3.33 for the first quarter, beating the $2.95 estimate expected by analysts polled by FactSet. Revenue was $15.8 billion versus the consensus estimate of $15.79 billion. American Express said U.S. consumer spending increased 8% from a year earlier. Super Micro Computer, a company producing servers and data storage systems, fell in price by more than 23%. Earlier in the day, Super Micro Computer 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 6.17% on the day after Ibotta’s initial public offering. The shares are still about 11% above their initial public offering price. Paramount shares rose more than 13% following reports from The New York Times and Bloomberg that Sony Pictures Entertainment and Apollo Global Management were in talks to jointly acquire the media company. PPG Industries – Materials shares fell 3% after the company missed Wall Street’s first-quarter revenue forecasts due to falling sales. Intuitive surgery. Shares fell nearly 2% despite the company delivering top-to-bottom results in the first quarter. The company also said it expects higher full-year procedural growth of 14% to 17%, up from its previous forecast of 13% to 16%. —Reporting by CNBC’s Samantha Subin, Michelle Fox, Pia Singh and Jessie Pound.
