By Liz Moyer
Investing.com -- Tech stocks were rallying on Friday after better-than-expected subscriber numbers from Netflix and cost-cutting by Google parent Alphabet. Here are the midday movers for Jan. 20.
- Netflix Inc (NASDAQ:NFLX) shares were up 6.7% after the streaming giant reported adding 7.66 million net new subscribers in the fourth quarter, beating its own forecast of 4.5M. In the first quarter that includes its ad-supported subscription tier, Netflix said it didn't see evidence that premium subscribers were moving to the cheaper tier.
- Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) stock was up more than 4% after it announced plans to cut 12,000 jobs, joining other tech giants to make sharp cost-cutting moves amid rising interest rates and a view of leaner economic conditions ahead.
Nordstrom Inc (NYSE:JWN) shares were down 0.3% a day after the department store operator said holiday promotions and a more cautious consumer combined to cut its holiday sales 3.5% compared with a year earlier. It lowered its earnings outlook.
- Wayfair Inc (NYSE:W) shares were up 20% after the online home furnishings retailer revealed plans to cut another 1,750 jobs after cutting about 870 in August.
Eli Lilly and Company (NYSE:LLY) stock fell 2% after the Food and Drug Administration rejected its request for accelerated approval of its Alzheimer's treatment because it wants more data.