Stocks making the biggest moves midday: Chipotle, Netflix, Verizon and more

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Customers wait outside of a Chipotle restaurant as they wait to enter in order to place an order as Florida continues with its Phase 1 of reopening the state during the Coronavirus (COVID-19) pandemic on May 19, 2020, in Aventura, FL.
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Check out the companies making headlines in midday trading.

Chipotle Mexican Grill — Shares of the fast-food chain surged 11% after beating on the top and bottom lines of its quarterly results. Chipotle reported earnings of $7.46 on revenue of $1.89 billion. Analysts expected earnings of $6.52 on revenue of $1.88 billion, according to Refinitiv. Revenue surpassed pre-pandemic levels as dine-in customers returned to its restaurants.

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Netflix — The streaming platform’s share price slipped more than 3% after Netflix reported disappointing earnings and third-quarter subscriber guidance. Netflix earned $2.97 per share, below estimates of $3.16 per share, according to Refinitiv. The company said it expects 3.5 million net subscribers in the third quarter, nearly 2 million below analysts’ estimates.

Verizon Communications — Shares of Verizon gained 1.3% after the company reported better-than-expected second-quarter earnings. The telecommunications company earned an adjusted $1.37 per share on revenues of $33.76 billion in the second quarter. Analysts were expecting $1.30 adjusted earnings per share on revenues of $32.74 billion, according to Refinitiv.

Coca-Cola — Shares of the beverage maker rose about 1.3% in midday trading after the company reported second-quarter earnings of 68 cents per share, beating forecasts by 12 cents per share, according to Refinitiv. Its revenue topped pre-pandemic levels, and Coca-Cola also raised its full-year forecast.

United Airlines — The airline stock climbed 3.9% after the carrier reported higher-than-expected second-quarter revenue, thanks to a resurgence in air travel. United’s revenue beat forecasts by quadrupling compared to a year earlier amid a surge in bookings. The airline expects the trend to continue despite the fast-spreading delta variant. United reported a loss of $3.91, in line with expectations per Refinitiv.

Harley-Davidson — Harley-Davidson shares sunk more than 7% after mixed second-quarter earnings results. The motorcycle maker’s quarterly earnings of $1.33 per share came in 16 cents above Wall Street estimates, according to Refinitiv. However, the company’s second-quarter revenue fell short of analysts’ projections.

Sunnova and Sunrun — Shares of Sunnova and Sunrun added 4% and 5.2%, respectively, after JPMorgan named the two solar companies as top picks. “We highlight Overweight-rated Sunnova (NOVA) and Sunrun (RUN) as top picks for 2H21 owing to elevated inventory levels, which should position both companies relatively better to meet expected demand near-term,” the bank said in a note.

Halliburton — The energy stock jumped more than 5% on Wednesday after Goldman Sachs upgraded Halliburton to buy from neutral. Goldman also said that it expected Halliburton to hike its dividend as early as next year.

RealReal — Shares of the online consignment retailer rose more than 5% after Bank of America upgraded the stock to buy from neutral. The firm said in a note that RealReal was hit harder by the pandemic than other e-commerce stocks and could now be in line for an expansion in its valuation multiple.

— CNBC’s Maggie Fitzgerald, Jesse Pound, Tanaya Macheel and Yun Li contributed reporting

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