By Joe Woelfel and Nate Wolf

Stocks traded mostly lower Friday, though the Nasdaq Composite notched a record close as investors focused on corporate earnings.

These stocks were making moves Friday:

Second-quarter profit at Netflix rose 46% to $3.1 billion as revenue jumped 16% to $11.08 billion with the streaming giant saying the gains were "primarily a function of more members, higher subscription pricing, and increased ad revenue." Operating margins in the period rose to 34.1% from 27.2% a year earlier. Netflix raised its revenue forecast for the year, saying it expects to post revenue of $44.8 billion to $45.2 billion, up from an earlier forecast of $43.5 billion to $44.5 billion. It raised its forecast for operating margins in 2025 to 29.5% from 29%. The stock fell 5.1%.

Sarepta Therapeutics sank 36% after Reuters reported that the Food and Drug Administration is going to ask the company to stop shipments of its Duchenne muscular dystrophy gene therapy Elevidys. Two patients died earlier this year after taking the drug. The news came after Sarepta confirmed on a tense investor call Friday that it had not disclosed the recent death of a third patient on one of its experimental gene therapies.

Norfolk Southern rose 2.5% after The Wall Street Journal reported Union Pacific was holding talks to acquire its smaller railroad rival. The talks are at an early stage and may not result in a deal or receive regulatory approval, people familiar with the matter told the Journal. Union Pacific fell 1.2%.

American Express, the credit card company, posted second-quarter adjusted earnings that topped analysts' forecasts as revenue net of interest expense rose 9% to $17.86 billion. "The increase was primarily driven by increased card member spending, higher net interest income supported by growth in revolving loan balances, and continued strong card fee growth," the company said in a statement. Shares, however, dropped 2.4%.

Interactive Brokers reported second-quarter adjusted earnings of 51 cents a share, topping analysts' consensus of 47 cents. The online brokerage platform said revenue rose to $1.48 billion from $1.23 billion. Commission revenue in the quarter jumped 27%. Trading volume in stocks and options rose 31% and 24%, respectively. Shares of Interactive Brokers rose 7.8%.

Invesco was the top performer in the S&P 500, rising 15%, after the investment management company proposed changing the structure of its flagship QQQ exchange-traded fund. The proposal would allow Invesco to claim investment fees it now misses out on, while reducing the expense ratio for shareholders. ETF owners will vote on the proposal in October.

3M was down 3.7% after the maker of Post-it Notes and Scotch Tape reported bettter-than-expected second-quarter earnings and raised the midpoint of its 2025 per-share guidance to $7.87 from $7.75.

Talen Energy reached agreements to acquire two Caithness Energy combined-cycle gas-fired plants for $3.5 billion. Talen will buy Caithness Energy's Moxie Freedom Energy Center in Pennsylvania and Caithness Energy and BlackRock's Guernsey Power Station in Ohio. Both plants are located in the Pennsylvania-New Jersey-Maryland Interconnection. Talen shares gained 25%.

Oilfield services provider SLB beat analysts' expectations for second-quarter earnings amid a prolonged slump in oil prices. SLB posted adjusted earnings of 74 cents a share versus estimates of 72 cents. Revenue fell 6% to $8.6 billion but topped estimates of $7.3 billion. The stock fell 3.9%.

Charles Schwab reported second-quarter adjusted earnings of $1.14 a share on revenue of $5.9 billion, beating Wall Street estimates for earnings of $1.10 on revenue of $5.7 billion. Core net new assets rose 31% in the quarter to $80.3 billion. Shares rose 2.9%.

Write to Joe Woelfel at joseph.woelfel@barrons.com

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July 18, 2025 16:32 ET (20:32 GMT)

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