Netflix, Nucor, On Holding, Xenon, Accenture, Coinbase, and More Stocks That Explain Today's Market — Barrons.com
By George Glover and Mariapaula GonzalezThe S&P 500 and the Nasdaq Composite rebounded to end Friday's session slightly higher after spending most of the day in the red. The Dow Jones Industrial Average ended lower as higher oil prices and bond yields weighed on equities.The artificial-intelligence trade, however, still had legs. Glassmaker Corning and optical networking stocks Coherent and Lumentum rose, while chip manufacturer Intel fell 0.2%.Netflix dropped 4.7% to $71.79. Wells Fargo downgraded the video streamer to Underweight and cut its price target to $57 from $80. The firm cited concerns over declining engagement and a lack of big original series, saying that breakout hits are needed for the stock.Berkshire Hathaway's Class B shares rose 0.1% after the holding company said Warren Buffett would step down as chairman, effective immediately. His son, Howard Buffett, will replace him.Steel Dynamics and Nucor dropped 4.7% and 6.5%, respectively. The two companies posted fiscal third-quarter guidance that disappointed Wall Street even as U.S. steel prices have risen sharply over the past 12 months.StubHub fell 0.4% to $5.92, erasing gains seen earlier in the day. Citi analysts upgraded the stock from Neutral to Buy, expecting "robust" ticket downloads to boost ticket sales. The firm, however, lowered the price target to $7 from $9, citing profitability concerns as StubHub shares have fallen sharply since the company's public debut last September.On Holding and Nike dipped 0.2% and 2.4%, respectively. After 20 years representing Nike, soccer icon Kylian Mbappé, of Real Madrid and the French national football team, has become an ambassador of On Holding, marking the company's first foray into the soccer market.Xenon Pharmaceuticals sank nearly 31%. The company announced it had paused new patient enrollment in ongoing studies for major depressive disorder and bipolar depression. Separately, the drugmaker said it had submitted a New Drug Application for a focal seizure medication.Accenture dropped 4.7% to $181.29. Guggenheim downgraded the stock to Neutral from Buy and removed its $185 price target, citing concerns that the stock's over 50% surge this summer was unjustified since there was "no corresponding improvement" in customer demand.Digital-asset exchange Coinbase climbed nearly 12%, online trading platform Robinhood advanced 9.1%, and crypto investor Strategy gained more than 16% as the price of Bitcoin rallied, with investors shrugging off the Fed's rate hike and the collapse of the Clarity Act.Write to George Glover at [email protected] and Mariapaula Gonzalez at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.