Netflix, Alphabet and PagerDuty rise premarket; Nordstrom falls

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Friday, January 20th. Please refresh for updates.

• Netflix (NASDAQ:NFLX) stock rose 7.1% after the streaming giant said that fourth quarter global streaming paid net additions grew 7.66 million, well ahead of its 4.5M estimate, driven primarily by the success of its content slate in the quarter.

• Alphabet (NASDAQ:GOOGL) stock rose 3.8% after the Google parent said it will cut 12,000 jobs, spread across the group's business lines and geographies, in an effort to restore profitability as its growth slows.

• Nordstrom (NYSE:JWN) stock fell 6.9% after the clothing retailer cut its annual profit forecast after heavy discounting during the festive period failed to draw sufficient customers in.

• Costco (NASDAQ:COST) stock rose 1% after the warehouse retailer said its board reauthorized a stock repurchase program of up to $4B through January 2027.

• Regeneron (NASDAQ:REGN) stock rose 1.1% after JPMorgan upgraded its stance on the biotech company to ‘overweight’ from ‘neutral’, seeing nearly 20% upside.

• Schlumberger (NYSE:SLB) stock rose 1.7% after the oilfield firm beat expectations for fourth quarter profit, driven by strong demand for drilling services and equipment from operators as oil and gas prices remained elevated amid tight supplies.

• Ericsson (NASDAQ:ERIC) ADRs fell 4.1% after the Swedish telecommunications company reported smaller than expected fourth quarter operating income, as carriers in developed markets like the United States pulled back on capital expenditures.

• PagerDuty (NYSE:PD) stock rose 6.2% after Morgan Stanley upgraded the cloud computing company to 'overweight' from 'equal-weight', expecting better profitability going forward.