Stocks making the biggest moves midday: Netflix, American Airlines, Johnson & Johnson and more

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Check out the companies making headlines in midday trading.

Netflix — Netflix dropped more than 8% after reporting mixed quarterly results Wednesday. The streaming giant beat on earnings per share for the second quarter, but its revenue of $8.19 billion fell short of the $8.30 billion expected from analysts polled by Refinitiv.

Tesla — Tesla shares tanked more than 9%. The electric-vehicle maker topped Wall Street's top-and-bottom line expectations but showed a drop in operating margins due to recent price cuts and incentives.

American Airlines — The airline shed more than 6% even after posting strong quarterly results and lifting its profit outlook for 2023. American Airlines reported adjusted earnings of $1.92 a share on $14.06 billion in revenue. Analysts had expected earnings per share of $1.59 on revenue of $13.74 billion.

IBM — The tech stock climbed more than 2% after the company reported earnings in the second quarter that topped analysts' estimates as the company expanded its gross margin. However, IBM did post a revenue miss, caused partly by a slump in the infrastructure division.  

Johnson & Johnson — The stock jumped 6%, lifting the 30-stock Dow Jones Industrial Average, after Johnson & Johnson posted second-quarter revenue and adjusted earnings that topped Wall Street's expectations. Johnson & Johnson also lifted its full-year guidance as sales from the company's medtech business jumped.

Abbott Laboratories — Shares of the health-care products company rose 4.2% after Abbott beat estimates on the top and bottom lines for the second quarter. The company reported $1.08 in adjusted earnings per share on $9.98 billion of revenue. Analysts were looking for $1.05 per share on $9.70 billion of revenue, according to Refinitiv. The company's sales did decrease more than 11% year over year as customers bought fewer Covid-19 tests.

Discover Financial Services — Shares tumbled 15.9% after the company's second-quarter results missed analysts' estimates on both top and bottom lines. The company also disclosed it is undergoing a probe from the Federal Deposit Insurance Corporation due to a "card product misclassification issue." 

Zions Bancorporation — Shares of the regional bank jumped nearly 10% after its second-quarter earnings matched estimates. Zions posted $1.11 in earnings per share, in line with a Refinitiv forecast. The bank's net interest income came below expectations. 

Travelers — The insurance company gained 1.8% following its second-quarter earnings announcement. Its adjusted earnings came in at 6 cents per share. Meanwhile, its revenue of $10.32 billion topped expectations of $10.02 billion.

Estée Lauder — The cosmetics giants' shares dropped 4.5% after Barclays downgraded them to equal weight from overweight. The firm cited concerns of a muted China recovery and pressure on medium-term margins. 

Freeport-McMoRan — Shares gained 3% after the company announced its quarterly earnings Thursday morning. The mining company posted 35 cents in earnings per share on $5.74 billion in revenue. Analysts polled by StreetAccount had estimated 36 cents in earnings per share on $5.61 billion in revenue. 

Genuine Parts — The auto replacement parts company lost 7.6% after posting its second-quarter results. Although the company's earnings and revenue beat analysts' expectations, its revenue across its automotive and industrial segments missed Wall Street's estimates.

MarketAxess — The electronic trading platform rose 2.2% after releasing its second-quarter results. While revenue and earnings per share came in higher than expected, its adjusted earnings were lower than analysts' estimates.

Equifax — Shares plunged almost 9% on the back of the company's quarterly earnings report announcement Wednesday after the bell. While earnings per share came above analysts' estimates, revenue fell short of expectations.

CNBC's Yun Li, Jesse Pound, Samantha Subin and Michelle Fox contributed reporting.

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