Latest News

Dow Futures Lower as Netflix Tanks 25% After Earnings


© Reuters.

By Oliver Gray – Dow futures were trading lower in Tuesday’s evening deals as investors digested disappointing Netflix earnings after major benchmark averages finished higher during regular trading.

By 6:35pm (10:35pm GMT) Dow Jones Futures were down 0.1%, S&P 500 Futures dipped 0.3% and Nasdaq 100 Futures fell 0.8%.

Among reporting companies, Netflix Inc (NASDAQ:NFLX) tanked 25% in extended deals after reporting a loss of 200,000 subscribers in the first quarter. The company also reported a beat on earnings but a miss on revenues. Fellow streaming stocks Roku Inc (NASDAQ:ROKU), Spotify Technology SA (NYSE:SPOT) and Walt Disney Company (NYSE:DIS) also tumbled 6.3%, 4.3% and 4.5% respectively.

Interactive Brokers Group Inc (NASDAQ:IBKR) dipped 0.2% in extended trading after reporting earnings for the recent quarter. The company reported a miss on revenue but saw earnings per share of 82 cents, which fell in line with analysts’ estimates.

International Business Machines (NYSE:IBM) was up 1.3% after reporting a beat on the top and bottom lines in the first quarter, with adjusted EPS of $1.40 versus $1.38 expected, while revenues came in at $14.2 billion versus $13.85 billion expected.

During Tuesday’s regular trade, The Dow Jones Industrial Average gained 499.51 points or 1.5% to close at 34,911.20. The S&P 500 rose 1.6% to 4,462.21, and the NASDAQ Composite surged 2.2% to 13,619.66.

Bank stocks outperformed as rates moved higher and regional and mid-sized banks reported earnings. JPMorgan Chase & Co (NYSE:JPM) added 2.1%, Bank of America Corp (NYSE:BAC) gained 1.9% and Citigroup Inc (NYSE:C) added 1.2%. Citizens Financial Group Inc (NYSE:CFG), which beat first-quarter estimates on the top and bottom lines on Tuesday morning, jumped 6.8%.

On the bond markets, United States 10-Year yields were at fresh 40-month highs of 2.94%.

Dow Futures Lower as Netflix Tanks 25% After Earnings

$50bn wiped off Netflix as subscriber shock sparks market rout – live updates

Previous article

Alibaba: Near-Term Headwinds Won’t Derail Long-Term Growth, Says Analyst

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News