Midday movers: Roblox, Netflix, Novavax and more

By Liz Moyer

Investing.com -- Stocks were down more than 900 points on Thursday a day after the Fed signaled interest rates will remain elevated for longer and could top 5% next year. Here are the midday movers for Dec. 15.

• Roblox Corp (NYSE:RBLX) stock fell 17.9% after the gaming company gave a November business update that showed slowing growth. While estimated bookings are running $222 million to $225M, up 5% to 7%, that is lower than last year's growth of 22% to 24%.

• Netflix Inc (NASDAQ:NFLX) stock fell more than 9% on a report the streaming giant's ad-supported subscription tier is off to a slower-than-expected start, and that its viewership goals have fallen short of promises made to advertisers.

• Novavax Inc (NASDAQ:NVAX) shares are down 28.5% after it announced the sale of $125M common shares and a $125M convertible debt offering. The proceeds are for general corporate purposes, the company said, including the continued global commercial launch of its COVID-19 vaccine.

• Warner Bros Discovery Inc (NASDAQ:WBD) stock fell more than 8% after the media company said it expects its merger-related costs and writedowns will reach $5.3 billion, which is about $1B more than earlier estimates as it continues to eliminate content.

• Snap Inc (NYSE:SNAP) shares fell 9% after Jefferies downgraded the social media platform's stock to hold from buy, saying Apple's (NASDAQ:AAPL) privacy changes along with macroeconomic challenges would continue to weigh on the stock. The analysts said revenue growth will likely be slower than expected.