Wall Street Today | Netflix tumbles as 200,000 users exit for first drop in decade

Moomoo Recap US wrote a column · Apr 19, 2022 19:26

Wall Street Today | Netflix tumbles as 200,000 users exit for first drop in decade

MACRO

· Global markets remain vulnerable to central bank tightening, IMF says

The odds of a major market sell-off would be increased if monetary policy tightening is combined with a recession, Tobias Adrian, director of the IMF's monetary and capital markets department and a former senior vice president of the Federal Reserve Bank of New York, said in a phone interview on Tuesday.

· Bank of America CEO says consumer spending is healthy despite roaring inflation

Moynihan said that consumers have bulked up their bank accounts since pre-pandemic times, driving their increased spending. He added that while some investors might take on an approach of 'don't fight the Fed,' he has a different take. $Bank of America(BAC.US)$

· Fed's Bostic wary of hiking rates too high to cool inflation

Federal Reserve Bank of Atlanta President Raphael Bostic said it was important to get inflation under control but policy makers should not act with such vigor that they harm the economy, especially with a weaker global outlook.

· Last-resort fed hike enters debate as bullard invokes 1994 move

The Federal Reserve's most hawkish official cracked open the door to discussing the first 75 basis-point interest-rate hike since 1994, a move economists say would be a last resort in case inflation further spirals out of control.

SECTORS

· Disney, Roku drop as Netflix stuns with falling customers

$Roku Inc(ROKU.US)$ dropped as much as 8.3% in extended trading, $Disney(DIS.US)$ fell 5.3% and $FuboTV(FUBO.US)$ declined 5.4%, while $Netflix(NFLX.US)$plunged 26%. The company's forecast of a loss of two million subscribers in the current quarter is likely to prompt analysts to rethink their forecasts for the entire industry. Other media companies like $Warner Bros Discovery(WBD.US)$, Paramount Global and Spotify Technology SA also tumbled.

COMPANIES

· Netflix loses subscribers amid growing competition, account sharing

The company ended the first quarter with 200,000 fewer subscribers than it had in the fourth, missing on its own projection of adding 2.5 million customers in the period. $Netflix(NFLX.US)$ said it expected to lose two million global subscribers in the current quarter.
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· Rio tinto sees 15% drop in first-quarter iron ore shipments

Total shipments from its iron ore operations in Western Australia's Pilbara region were 71.5 million tons in the three months ended March 31, the company said in a statement on Wednesday, down 15% on the previous quarter and 8% lower from the year-before period. That compares with a median forecast of 73.1 million tons from five analysts. $Rio Tinto(RIO.US)$
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· IBM stock rises following Street beat, optimistic outlook despite lost Russia business

Revenue in the period rose 7.7% from a year earlier, $IBM Corp(IBM.US)$ said in a statement. This is the company's first full quarter without the managed infrastructure services business it spun off into an entity called . Sales to $Kyndryl(KD.US)$ added 5 percentage points to revenue growth in the quarter. But Kyndryl won't be delivering growth after October, CEO Arvind Krishna said on a call with analysts.
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Source: WSJ, CNBC, Bloomberg

Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more

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moneyworkhard : Watchibg less TV may be good for everyone actually
Taps into our creativity more

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