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Netflix Stock Drop Attributable to Engagement Reporting Shift, Soft US, Canada Revenue, BofA Says
US Markets

Netflix Stock Drop Attributable to Engagement Reporting Shift, Soft US, Canada Revenue, BofA Says

Netflix's (NFLX) move to annual engagement reporting and its soft US and Canada revenue in the second quarter are apparently weighing on the streaming giant's share price, BofA Securities said in a note on Friday.Netflix said Thursday that it will shift the "What We Watched" engagement report to an annual cadence from twice-a-year frequency, starting in 2027 to keep the market focused on financial metrics.The company reported second-quarter US and Canada revenue of $5.43 billion, up 10% year over year, the slowest growth rate for the region since the first quarter of 2025.Shares of Netflix tumbled 7.4% in Friday trading, and are down 27% so far this year.Netflix's decision to publish its engagement report annually, combined with softer-than-expected UCAN revenue, "appears to be weighing on shares despite continued subscriber growth," BofA analysts, including Jessica Ehrlich, said.Netflix reported second-quarter revenue that fell short of Wall Street's estimates late Thursday, while earnings per share climbed just above expectations."Heading into (second-quarter) earnings, Netflix was a battleground stock, pressured by concerns related to slowing engagement, decelerating revenue growth, and the possibility of transformative (merger and acquisition)," Ehrlich said. "While results were largely in line, they were not strong enough to fundamentally alter the debate."The first-half engagement report showed that members watched more than 97 billion hours of content on Netflix, up 2% year over year. UCAN viewing hours fell year on year, though other regions logged gains, Oppenheimer said in a note."While (management) argues 'not all viewing hours are equal,' investors have limited data to forecast subscription drivers and therefore not enough to disprove bear thesis on structural engagement trends," Oppenheimer analysts wrote.BofA said Netflix's share price -- down nearly 50% from its peak -- likely reflects investor concerns over the streamer's appetite for an acquisition, including a premium studio asset. Netflix in February abandoned its plan to acquire Warner Bros. Discovery (WBD), which is now being purchased by Paramount Skydance (PSKY)."Should management pursue a larger strategic acquisition, including a premium studio asset, to further strengthen its content ecosystem and long-term market position, we believe the current backdrop is supportive," BofA's Ehrlich said.BofA reiterated its buy rating on Netflix's stock, but reduced the price target to $105 from $125. Oppenheimer lowered the price target to $85 from $100, while keeping the outperform rating unchanged.Price: $68.73, Change: $-5.62, Percent Change: -7.56%

$NFLX
Wire

Top Midday Stories: Netflix Q2 Revenue, Q3 Guidance Miss Estimates; SpaceX Aborts Launch, Shares Tumble

All three major US stock indexes were down Friday, as chipmakers led the way down on the final trading day of the week.In company news, Netflix (NFLX) reported fiscal Q2 earnings late Thursday of $0.80 per diluted share, up from $0.72 a year earlier and above the FactSet consensus analyst estimate of $0.79. Fiscal Q2 revenue was $12.56 billion, up from $11.08 billion but below the FactSet consensus of $12.58 billion. For Q3, the company expects EPS of $0.82 on revenue of $12.86 billion. Analysts polled by FactSet expect $0.84 and $13 billion, respectively. For full-year 2026, Netflix expects revenue of $51 billion to $51.4 billion, up from its previous guidance of $50.7 billion to $51.7 billion. Analysts expect $51.38 billion. Netflix shares were down 8.5% around midday.SpaceX's (SPCX) Starship rocket triggered an "automatic launch abort" Thursday, with the launch possibly rescheduled "in a few days," Chief Executive Elon Musk said Thursday on X. SpaceX shares were down 5.3%.Travelers (TRV) reported Q2 core income Friday of $10.04 per diluted share, up from $6.51 a year earlier and above the FactSet consensus of $5.41. Second-quarter revenue was $12.15 billion, up from $12.12 billion a year ago and above the FactSet consensus of $11.26 billion. Travelers shares were up 8.6%.Intuitive Surgical (ISRG) reported fiscal Q2 adjusted earnings late Thursday of $2.80 per diluted share, up from $21.9 a year earlier and above the FactSet consensus of $2.51. Fiscal Q2 revenue was $2.89 billion, up from $2.44 billion a year earlier and above the FactSet consensus of $2.83 billion. Intuitive shares were down 12.5%.Cadence Design Systems (CDNS) and Rapidus will jointly work to advance agentic AI for advanced-node system-on-chip design under a new collaboration, Cadence said late Thursday. The companies will combine Rapidus AI-native design and manufacturing ecosystem for advanced-node semiconductors with Cadence's agentic AI design orchestration technology. Cadence shares were down 10.7%.Price: $68.15, Change: $-6.21, Percent Change: -8.35%

$CDNS$ISRG$NFLX$SPCX$TRV
Wire

Netflix's 'Solid' H2 Pipeline to Support User Acquisition, Engagement Going Forward, UBS Says

Netflix's (NFLX) "solid" H2 pipeline as well as a normalization in viewership post recent events will support user acquisition, engagement going forward, UBS said in a Thursday note.UBS said that a channels-like app store, live TV channels and a FAST service are all on the table for the company to enhance value for subscribers and drive monetization by leverage the approximate 330 million subscriber base.Netflix still expects ad revenue of $3 billion in 2026 and has suggested that the gap between ad tier average revenue per member, or ARM, and standard ARM is narrowing, UBS said, adding that it expects about 5% ARM growth and about 22 million net paid subscribers adds in 2026, compared with 4% growth and 23.5 million adds in 2025.Additionally, UBS lowered its estimates on Netflix by less than 1% and said it continues to view the company as "industry leader in streaming video with a competitive moat, monetization runway and sustainable double digit revenue and operating income growth."UBS adjusted its price target to $115 from $130 and maintained its buy rating.Price: $67.79, Change: $-6.56, Percent Change: -8.82%

$NFLX
Wire

Update: Wedbush Cuts Price Target on Netflix to $105 From $118, Keeps Outperform Rating

(Updated to include Wedbush commentary)Wedbush lowered its price target on Netflix (NFLX) to $105 from $118 following the streaming giant's Q2 earnings, with a narrow earnings per share beat and a slight miss on revenue.The long-term thesis of Netflix remains intact, with advertising ramp, games, podcasts, and eventually performance marketing expected to drive materially greater profit and free cash flow, analysts led by Alicia Reese wrote in a Thursday note.Netflix has an average rating of overweight and mean price target of $106.17, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $67.59, Change: $-6.77, Percent Change: -9.10%

$NFLX
Asia Markets

Update: US Equity Futures Drop as AI Concerns Weigh on Tech Stocks, Middle East Conflict Continues

US equity futures were edging lower pre-bell Friday as concerns over artificial intelligence spending weighed on chip stocks and the wider technology sector, while the conflict in the Middle East showed no signs of de-escalating.Dow Jones Industrial Average futures were 0.5% lower, S&P 500 futures were down 0.9%, and Nasdaq futures were 1.9% lower.Global tech stocks continued their drop from the previous session, including Nvidia (NVDA), which was down 2.6% in premarket activity.US Central Command said in a post on X that it completed the sixth consecutive wave of attacks against Iran, degrading the nation's military capabilities and holding it "accountable" for recent attacks on commercial shipping in the Strait of Hormuz.Iran said it had targeted US military forces in Syria and Bahrain in a broadening of the scope of its attacks in the Middle East.Traders assessed the latest round of earnings, with Netflix (NFLX) reporting an increase in fiscal Q2 earnings and revenue on late Thursday.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.4% at $86.20 per barrel and US West Texas Intermediate crude 2.5% higher at $80.95 per barrel.June housing starts rose to a 1.427 million annual rate from 1.199 million in the previous month, compared with expectations for a 1.31 million rate in a survey compiled by Bloomberg. US import prices rose 0.3% in June, above the 0.7% increase expected and below the 1.7% gain in May. US export prices fell 0.6% in June, compared with the 0.7% decrease expected and the 1.2% increase in the prior month.The June industrial production report, due at 9:15 am ET, is forecast to show a 0.2% gain following a 0.1% increase in the prior month. The University of Michigan consumer sentiment index for July, slated for 10 am ET, is expected at 51.0, up from 49.5 previously.In other world markets, Japan's Nikkei closed 4% lower, Hong Kong's Hang Seng ended 1.8% lower, and China's Shanghai Composite finished 3.1% lower. Meanwhile, the UK's FTSE 100 was flat, and Germany's DAX index was 0.5% lower in Europe's early afternoon session.In equities, included in the tech stock sell-off were Applied Materials (AMAT), Lam Research (LRCX), and Intel (INTC), which were down 5.3%, 4.7%, and 4.5%, respectively. SpaceX (SPCX) shares fell 4.4% after CEO Elon Musk said in a post on X that the company's Starship rocket triggered an "automatic launch abort" Thursday, with the next launch to be rescheduled possibly "in a few days." Netflix stock was down 11% after it posted Q2 revenue that fell short of analysts' consensus estimates.On the winning side, energy-related stocks rose along with the increase in oil prices. Exxon Mobil (XOM) shares were 2% higher, Shell (SHEL) stock was up 2.1%, and TotalEnergies (TTE) shares were up 2.3%.

Dow JonesNasdaq CompositeS&P 500$AMAT$INTC$LRCX$NFLX$NVDA$SHEL$SPCX$TTE$XOM
Japan

US Equity Futures Drop as AI Concerns Weigh on Tech Stocks, Middle East Conflict Continues

US equity futures were lower pre-bell Friday as concerns over artificial intelligence spending weighed on chip stocks and the wider technology sector, while the conflict in the Middle East showed no signs of de-escalating.Dow Jones Industrial Average futures were 0.5% lower, S&P 500 futures were down 0.8%, and Nasdaq futures were 1.6% lower.Global tech stocks continued their drop from the previous session, including Nvidia (NVDA), which was down 2.5% in premarket activity.US Central Command said in a post on X that it completed the sixth consecutive wave of attacks against Iran, degrading the nation's military capabilities and holding it "accountable" for recent attacks on commercial shipping in the Strait of Hormuz.Iran said it had targeted US military forces in Syria and Bahrain in a broadening of the scope of its attacks in the Middle East.Traders assessed the latest round of earnings, with Netflix (NFLX) reporting an increase in fiscal Q2 earnings and revenue on late Thursday.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.9% at $85.83 per barrel and US West Texas Intermediate crude 2.2% lower at $80.68 per barrel.Housing starts for June, slated for 8:30 am ET, are expected at 1.31 million units annually, according to estimates compiled by Bloomberg. The June import price index is expected to show a 0.7% month-over-month decrease after a 1.9% gain previously. The export price index is also projected to drop by 0.7%, compared with a gain of 1.3% previously.The June industrial production report, due at 9:15 am ET, is forecast to show a 0.2% gain following a 0.1% increase in the prior month. The University of Michigan consumer sentiment index for July, slated for 10 am ET, is expected at 51.0, up from 49.5 previously.

Dow JonesNasdaq CompositeS&P 500$NFLX$NVDA
Stocks Fall Pre-Bell as Chip Sell-Off Continues
US Markets

Stocks Fall Pre-Bell as Chip Sell-Off Continues

The benchmark US stock measures were pointing lower before the open Friday as a sell-off in semiconductor shares continued to weigh on market sentiment.The S&P 500 declined 0.9%, the Dow Jones Industrial Average was off 0.7% and the Nasdaq fell 1.8% in premarket activity. The indexes finished the previous trading session in the red.Shares of tech bellwether and chipmaking giant Nvidia (NVDA) decreased 2.5% pre-bell, while Micron Technology (MU) edged down 0.4% following a 5.7% drop at the close of Thursday. Advanced Micro Devices (AMD) fell 2.7%, while Intel (INTC) moved down 3.3%. SanDisk (SNDK) fell 1.3% before the bell after closing the previous session down 12.6%. Taiwan Semiconductor (TSM) slipped 3.3%.Streaming giant Netflix (NFLX) tanked 9.5% as it reported second-quarter revenue below Wall Street's estimates. Intuitive Surgical (ISRG) slumped 12% as growth of the company's da Vinci robotic surgery system in the US moderated amid changes in Affordable Care Act subsidies.SpaceX (SPCX) declined 2.7% after Chief Executive Elon Musk said in a social media post that a planned Starship test flight was aborted after some engines failed to start.The US Central Command said Thursday its forces completed the latest major wave of strikes against Iran. Tehran reportedly said Friday it expanded its attacks in the Middle East by targeting US military forces in Syria and Bahrain.West Texas Intermediate crude oil rose 2.2% to $80.68 a barrel before the opening bell, while Brent gained 1.9% to $85.84.Treasury yields were trending downwards in premarket action, with the two-year rate retreating 3.4 basis points to 4.12% and the 10-year rate falling 4.4 basis points to 4.53%.Friday's economic calendar has the housing starts and permits data for June at 8:30 am ET, along with the import and export prices report for the same month. The industrial production report for June is out at 9:15 am, followed by the preliminary University of Michigan's consumer sentiment report for July at 10 am.The weekly Baker Hughes oil-and-gas rig count is out at 1 pm.US retail sales edged higher in June despite lower gasoline prices that drove a sharp decline in gas station receipts, official data showed Thursday.Travelers (TRV), Truist Financial (TFC), Fifth Third Bancorp (FITB), Regions Financial (RF) and Autoliv (ALV) are scheduled to release their latest financial results before the bell.Gold ticked up 0.2% to $4,001 per troy ounce, while bitcoin declined 1.8% to $63,024.

Dow JonesNasdaq CompositeS&P 500$ALV$AMD$FITB$INTC$ISRG$MU$NFLX$NVDA$RF$SPCX$TFC$TRV
Wire

Update: Netflix Slumps Premarket Following Mixed Fiscal Q2 Results, Q3 Guidance Misses Estimates; Shares Slump Premarket

(Updates with the stock move in the headline and the first paragraph.)Netflix (NFLX) shares were down more than 9% in Friday's premarket activity after the online entertainment giant reported mixed fiscal Q2 results overnight, with earnings above consensus while sales missed, and Q3 guidance lagging market expectations.The company reported fiscal Q2 earnings late Thursday of $0.80 per diluted share, up from $0.72 a year earlier.Analysts polled by FactSet expected $0.79.Revenue for the three months ended June 30 was $12.56 billion, up from $11.08 billion a year earlier.Analysts expected $12.58 billion.For Q3, the company expects EPS of $0.82 on revenue of $12.86 billion. Analysts expect EPS of $0.84 on revenue of $13 billion.For the full year 2026, the company now expects revenue of $51 billion to $51.4 billion. It was earlier expected to be between $50.7 billion and $51.7 billion. Analysts expect $51.38 billion.Price: $67.25, Change: $-7.10, Percent Change: -9.55%

$NFLX
Netflix Misses Second-Quarter Revenue Views, Moves Engagement Report to Annual Release
US Markets

Netflix Misses Second-Quarter Revenue Views, Moves Engagement Report to Annual Release

Netflix's (NFLX) second-quarter revenue fell short of Wall Street's estimates, while the streaming giant said it will no longer publish its engagement report semi-annually.Revenue increased 13% annually to $12.56 billion in the June quarter, missing the consensus on FactSet of $12.58 billion. Per-share earnings climbed to $0.80 from $0.72 a year earlier, above the Street's $0.79 view.Membership growth, pricing and increased ad revenue helped boost the top-line year-on-year, Netflix said in a letter to shareholders.Morgan Stanley and Wedbush Securities expected Netflix's second-quarter results to be largely in line with expectations.Netflix decided to begin publishing its "What We Watched" engagement report annually in the first quarter, beginning in 2027, compared with a twice-a-year frequency previously."The goal of separating the publication of the report from our earnings results is to keep the focus on our primary financial metrics -- revenue and operating profit," the company said.It published the first-half engagement report Thursday, showing that members watched more than 97 billion hours of content on Netflix.Shares plunged 8.8% in after-hours trading, and were down 21% this year through Thursday close.Netflix projects third-quarter revenue rising 12% year-over-year to $12.86 billion, lower than analysts' $13 billion estimate. EPS is pegged at $0.82, versus the consensus view of $0.84.For 2026, Netflix narrowed its revenue outlook to $51 billion to $51.4 billion, from the previous guidance of $50.7 billion to $51.7 billion, reflecting 13% to 14% annual growth. The consensus estimate is for $51.38 billion.

$NFLX
Wire

Netflix Fiscal Q2 Earnings, Revenue Rise; Q3 Guidance Set

Netflix (NFLX) reported fiscal Q2 earnings late Thursday of $0.80 per diluted share, up from $0.72 a year earlier.Analysts polled by FactSet expected $0.79.Revenue for the three months ended June 30 was $12.56 billion, up from $11.08 billion a year earlier.Analysts expected $12.58 billion.For Q3, the company expects EPS of $0.82 on revenue of $12.86 billion. Analysts expect EPS of $0.84 on revenue of $13 billion.For the full-year 2026, the company now expects revenue of $51 billion to $51.4 billion. It earlier expected $50.7 billion to $51.7 billion. Analysts expect $51.38 billion.

$NFLX
Wire

Earnings Flash (NFLX) Netflix Posts Q2 EPS $0.80, vs. FactSet Est of $0.79

Earnings Flash (NFLX) Netflix Posts Q2 EPS $0.80, vs. FactSet Est of $0.79

$NFLX
Wire

Earnings Flash (NFLX) Netflix Posts Q2 Revenue $12.56B, vs. FactSet Est of $12.58B

Earnings Flash (NFLX) Netflix Posts Q2 Revenue $12.56B, vs. FactSet Est of $12.58B

$NFLX
Chip Stocks Weigh on Equities Intraday; Netflix Earnings on Deck
US Markets

Chip Stocks Weigh on Equities Intraday; Netflix Earnings on Deck

US benchmark equity indexes were lower intraday amid a sell-off in certain chip-related stocks as investors parsed latest corporate earnings and awaited Netflix's (NFLX) results.The technology-heavy Nasdaq Composite was down 1.1% at 25,979.8 after midday Thursday, while the S&P 500 fell 0.5% to 7,537.8. The Dow Jones Industrial Average dropped 0.2% to 52,548. Among sectors, tech saw the steepest decline, while consumer staples paced the gainers.Sandisk (SNDK) was down 12%, the biggest drop on the S&P 500. Nvidia (NVDA) fell 2.5%, among the worst performers on the Dow.Taiwan Semiconductor Manufacturing's (TSM) US-listed shares were down 3.2% after the semiconductor manufacturer reported its second-quarter results. The company earmarked an additional $100 billion to increase its chipmaking capacity in the US, Bloomberg News reported, citing a US official.In other corporate news, Abbott Laboratories (ABT) shares jumped 11%, the biggest gainer on the S&P 500. The healthcare company lifted its full-year earnings outlook after reporting second-quarter results above market estimates.UnitedHealth (UNH) raised its full-year earnings guidance, as the health insurance giant recorded an unexpected year-over-year increase in its second-quarter revenue. The company's shares rose 3.3%, among the best performers on the Dow.Streaming giant Netflix is scheduled to report results after the closing bell Thursday.West Texas Intermediate crude oil was down 0.8% at $78.96 a barrel intraday, while Brent dropped 0.7% to $84.37."Oil prices slipped as traders assessed tensions between the (US) and Iran and the risks to oil supplies moving through the Strait of Hormuz," D.A. Davidson said in a note.Iran vowed to destroy key Middle East infrastructure if US President Donald Trump carries out his threat to hit Iranian infrastructure in the absence of a deal between the two countries, an Iranian military spokesperson reportedly said. Trump issued his warning in a recent interview with Fox News, CNBC reported.US Treasury yields were higher intraday, with the two-year rate up 3.8 basis points at 4.17% and the 10-year rate rising 2.8 basis points to 4.57%.In economic news, US retail sales edged higher in June despite lower gasoline prices that drove a sharp decline in gas station receipts, official data showed.Pending home sales decreased more than projected in June amid high mortgage rates and prices, data from the National Association of Realtors showed.Homebuilder confidence deteriorated in July amid growing material prices, high land costs and elevated mortgage rates, the National Association of Home Builders and Wells Fargo said.Gold was down 1.5% at $3,992 per troy ounce, while silver lost 2.1% to $56.22 per ounce.

Dow JonesNasdaq CompositeS&P 500$ABT$NFLX$NVDA$SNDK$TSM$UNH
Stocks Mostly Down Pre-Bell as Investors Await More Earnings, Retail Sales Data
US Markets

Stocks Mostly Down Pre-Bell as Investors Await More Earnings, Retail Sales Data

US equity markets were mostly tracking in the red before the opening bell Thursday as traders await the latest round of earnings and the June retail sales report.The S&P 500 edged down 0.1% and the Nasdaq was off 0.5% in premarket activity, while the Dow Jones Industrial Average rose 0.2%. The three main indexes finished Wednesday trading higher for the second consecutive session.UnitedHealth (UNH), GE Aerospace (GE), Abbott Laboratories (ABT), Prologis (PLD), US Bancorp (USB), State Street (STT) and Citizens Financial (CFG) are expected to report their latest financial results before the bell, among others. Streaming giant Netflix (NFLX) posts its earnings after the markets close.Taiwan Semiconductor Manufacturing's (TSM) US-listed shares declined 3.9% pre-bell after the semiconductor manufacturer reported its second-quarter results. United Airlines (UAL) was down 2.3% as the air carrier flagged an additional $6 billion in fuel costs for 2026 amid rising oil prices.J.B. Hunt Transport Services (JBHT) jumped 6.4% as the transportation and logistics company's second-quarter results topped market estimates. Apple (AAPL) added 0.2% after finishing Wednesday with a 4% gain amid media reports that the iPhone maker has held talks with bankers in recent months about possible acquisitions of chip companies.Last month's retail sales report is out at 8:30 am ET.Government data showed Wednesday that producer prices unexpectedly dropped on a monthly basis in June amid a steep decline in the cost of energy products. Earlier in the week, an official report showed that consumer prices decreased last month for the first time in more than six years."While still nominally elevated at a dangerously high level, the relative improvement in inflation in June emboldens the more dovish argument that price pressures are already cooling and could retreat further into year-end as the lingering impact from tariffs falls off and energy prices potentially normalize amid -- still tentative -- but ongoing, US-Iran peace negotiations," Stifel said in a note Wednesday.US Treasury yields were up in premarket action, with the two-year rate increasing 3.2 basis points to 4.16% and the 10-year rate adding 2.8 basis points to 4.57%.Thursday's economic calendar also has the weekly jobless claims bulletin at 8:30 am, along with the Philadelphia Fed manufacturing index for July. The housing market index for the current month and the pending home sales index for June are both out at 10 am.Federal Reserve Vice Chair Philip Jefferson, Dallas Fed President Lorie Logan and Kansas City Fed President Jeffrey Schmid are all slated to speak on Thursday.Inflation is more likely to accelerate than cool given price pressures arising from an artificial intelligence boom and major supply shocks, Fed Governor Lisa Cook said Wednesday. Separately, New York Fed President John Williams said that inflation should ease in the next few quarters as energy prices retreat.West Texas Intermediate crude oil dipped less than 0.1% to $79.59 a barrel before the open, while Brent nudged down 0.3% to $84.72.The US Central Command said Wednesday its forces disabled an unladen oil tanker attempting to transit towards an Iranian port in the Arabian Gulf. The US resumed its naval blockade on Iranian ships and ports earlier this week.A spokesperson for Iran's top military command reportedly said Thursday that it will destroy key infrastructure in the Middle East if the US follows through on President Donald Trump's threat to attack power plants and bridges in the country in case a deal isn't finalized, CNBC reported.Gold decreased 0.3% to $4,039 per troy ounce, while bitcoin fell 1.1% to $64,176.

Dow JonesNasdaq CompositeS&P 500$AAPL$ABT$CFG$GE$JBHT$NFLX$PLD$STT$TSM$UAL$UNH$USB
Netflix Remains Undervalued as Engagement Concerns Overblown, Morgan Stanley Says
US Markets

Netflix Remains Undervalued as Engagement Concerns Overblown, Morgan Stanley Says

Netflix' (NFLX) valuation does not fully reflect its long-term growth potential, Morgan Stanley wrote in a note e-mailed Tuesday, saying engagement concerns are largely overblown.Investor sentiment toward Netflix has deteriorated in the last few months amid concerns about slowing engagement, increased churn following a price hike in March and higher spending, according to Morgan Stanley. The streaming giant's stock has lost 22% in value so far this year."We do think engagement concerns are largely overblown and see the potential for the live events/sports slate in the (second half) to show some improvement," Morgan Stanley wrote.Although third-party data indicate a "larger than usual spike" in churn in the US following recent price increases, the firm said its survey suggests Netflix continues to have the strongest perceived original content and continued long-term pricing power."We continue to find shares undervalued relative to the growth, but acknowledge a tricky catalyst path," the firm said.Wedbush Securities also flagged concerns about Netflix engagement, but said a ramp in advertising revenue "outweighs the engagement debate," according to a note from Monday.Morgan Stanley kept its overweight rating on Netflix intact, though it lowered the price target to $90 from $115 ahead of the release of the streaming giant's second-quarter results on Thursday.The FactSet-polled consensus indicates second-quarter earnings per share of $0.79 on revenue of $12.58 billion.Morgan Stanley expects Netflix's quarterly results and its outlook for the third quarter to be largely in line with expectations. The company will likely affirm its 2026 guidance, the brokerage said.Price: $73.67, Change: $-0.16, Percent Change: -0.22%

$NFLX
Update: Nasdaq Snaps 3-Day Winning Streak as Oil Jumps Amid US-Iran Tensions
US Markets

Update: Nasdaq Snaps 3-Day Winning Streak as Oil Jumps Amid US-Iran Tensions

(Updates with market moves at the end of the day.)Equities on Wall Street fell Monday, snapping a three-day winning streak for the technology-heavy Nasdaq Composite, as oil prices rallied amid a re-escalation in the US-Iran conflict.The Nasdaq shed 1.6% to close at 25,873.2, while the S&P 500 lost 0.8% to 7,515.8. The Dow Jones Industrial Average dropped 0.3% to 52,498.6. Among sectors, tech saw the steepest decline, down 2.1%, while energy led the gainers with a 3.2% advance.West Texas Intermediate crude was up 8.8% at $77.72 a barrel in Monday late-afternoon trade, while Brent gained 9.2% to $82.97.The US and Iran continued to exchange airstrikes over the weekend, with Tehran targeting American military facilities across Middle Eastern countries, news outlets reported. Iran's Islamic Revolutionary Guard Corps reportedly said it closed the crucial Strait of Hormuz until further notice, though the US military disputed the claim.The strait is open and will remain so "with or without Iran," President Donald Trump said in a social media post Monday, adding that the US was reinstating a blockade of Iranian shipping through the narrow waterway.Hostilities between the US and Iran resumed recently, weeks after they signed a memorandum of understanding to end their war that began at the end of February. The Strait of Hormuz is the world's most important chokepoint for crude flows."Clearly, the risk is that this escalates to levels seen early in the war, where neighboring countries and their energy infrastructure are also targeted," ING Bank said in a report. "Escalation has slowed vessels transiting the strait to a trickle, renewing concerns over oil supply tightness through the third quarter."The Organization of the Petroleum Exporting Countries on Monday reduced its global oil demand growth outlook for this year while upgrading its projection for 2027.US Treasury yields were higher, with the two-year rate up 6.1 basis points at 4.27% and the 10-year rate rising 4.5 basis points to 4.61%.Official data on Tuesday are expected to show that the consumer price index dropped 0.1% in June on a sequential basis and rose 3.8% annually, according to a Bloomberg-compiled consensus. Wall Street is projecting core CPI, which excludes volatile items such as food and energy, to rise 0.2% month over month and 2.9% annually.The Federal Reserve may have to consider raising interest rates if inflation remains high, Fed Governor Christopher Waller said Monday."If we get another hot reading on core inflation this week, then the (Federal Open Market Committee) will need to consider tightening monetary policy in the near term," Waller said in a speech in New York. "We are at a crossroads for policy, and the appropriate action will depend on incoming data."There's a 59% likelihood that the Fed will keep its monetary policy unchanged later this month, down from 74% a week ago, according to the CME FedWatch tool. The odds of a 25-basis-point rate increase moved to 41% on Monday from about 26% a week earlier.The S&P 500 is heading into the second-quarter reporting cycle with consensus earnings growth projections at their highest in recent quarters, Oppenheimer Asset Management said Monday in a report.US banking giants JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), Wells Fargo (WFC), Morgan Stanley (MS), and Citigroup (C) are expected to report their quarterly results later this week. Johnson & Johnson (JNJ), UnitedHealth (UNH) and Netflix (NFLX), among others, also report this week.First Hawaiian (FHB) agreed to acquire TriCo Bancshares (TCBK) in an all-stock deal to create one of the largest banks headquartered in the western US, with combined assets of about $34 billion. First Hawaiian shares fell 3.3%, while TriCo jumped 12%.Gold fell 2.6% to $4,005.10 per troy ounce, while silver lost 3.9% to $57.83 per ounce.

Dow JonesNasdaq CompositeS&P 500$BAC$C$FHB$GS$JNJ$JPM$MS$NFLX$TCBK$UNH$WFC
Paramount, Warner Bros. Face Multistate Lawsuit Seeking to Block Merger
US Markets

Paramount, Warner Bros. Face Multistate Lawsuit Seeking to Block Merger

Paramount Skydance's (PSKY) proposed acquisition of fellow media and entertainment giant Warner Bros. Discovery (WBD) is facing a multistate lawsuit in the US alleging that the roughly $110 billion deal would lessen competition in several areas.Earlier this year, Paramount entered into an agreement to buy Warner Bros. after streaming giant Netflix (NFLX) withdrew from its proposed deal to purchase the HBO Max owner.A coalition of 12 state attorneys general filed the lawsuit in the US District Court for the Northern District of California, led by California Attorney General Rob Bonta, seeking to block the deal. The complaint alleges that the transaction violates the Clayton Act, which holds that mergers that may significantly reduce or tend to create a monopoly are illegal.The deal seeks to combine two of Hollywood's five major film distributors and two of the five major basic cable channel owners. In the US alone, the merged entity would control almost one-third of theatrical motion pictures and one-third of basic cable programming, according to the lawsuit."The unlawful merger of these two entertainment behemoths would lead to higher prices, lower quality, and less content for film and television, harming movie theaters, basic cable distributors, and ultimately, audiences on every sofa and movie theater seat in the US," Bonta said in a statement Monday.The lawsuit includes the attorneys general of Arizona, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, and Washington.Paramount vowed to "vigorously defend" the transaction against what it termed a "fundamentally flawed application of the antitrust laws" designed to block a combination meant to better compete with dominant platforms like Netflix, a Paramount spokesperson said in a statement.Competition and foreign direct investment regulators across 24 global jurisdictions have already cleared the deal, according to the statement.Warner Bros. didn't immediately respond to' request for comment.Paramount shares were up 2.2% in Monday late-afternoon trade, while Warner Bros. gained 2.4%. Netflix was 1% higher.The European Commission is reviewing the deal and has set a July 22 provisional deadline for its decision.Price: $9.63, Change: $+0.22, Percent Change: +2.28%

$NFLX$PSKY$WBD
Equities Fall Intraday, Oil Soars as Trump Reinstates Iranian Shipping Blockade in Hormuz
US Markets

Equities Fall Intraday, Oil Soars as Trump Reinstates Iranian Shipping Blockade in Hormuz

US benchmark equity indexes were lower intraday, while oil prices jumped as President Donald Trump said Washington was reinstating a blockade of Iranian shipping through the Strait of Hormuz amid rising tensions in the Middle East.The Nasdaq Composite was down 1.3% at 25,939.2 after midday Monday, while the S&P 500 fell 0.7% to 7,526.4. The Dow Jones Industrial Average shed 0.3% to 52,507. Among sectors, technology saw the steepest decline, while energy paced the gainers.West Texas Intermediate crude was up 7.4% at $76.72 a barrel, while Brent gained 7.5% to $81.76.The US and Iran continued to exchange airstrikes over the weekend, with Tehran targeting American military facilities across several Middle Eastern countries, news outlets reported. Iran's Islamic Revolutionary Guard Corps reportedly said it closed the crucial Strait of Hormuz until further notice, though the US military disputed the claim.The strait is open and will remain so "with or without Iran," Trump said in a social media post Monday, adding that the US was reinstating a blockade of Iranian shipping through the narrow waterway."The USA will be, from this point forward, known as 'the guardian of the Hormuz strait,' but as such, and as a matter of fairness, will be reimbursed, at the rate of 20% on all cargo shipped," Trump said.Hostilities between the US and Iran resumed recently, weeks after they signed a memorandum of understanding to end their war. The Strait of Hormuz is the world's most important chokepoint for crude flows.The growing US-Iran conflict threatens to derail the recovery of global oil inventories and further diminishes the chances of a diplomatic breakthrough, Saxo Bank said in a note.The Organization of the Petroleum Exporting Countries on Monday reduced its global oil demand growth outlook for this year while upgrading its projection for 2027.US Treasury yields were higher intraday, with the two-year rate up 5.7 basis points at 4.27% and the 10-year rate rising 4.5 basis points to 4.61%.In company news, First Hawaiian (FHB) agreed to acquire TriCo Bancshares (TCBK) in an all-stock deal to create one of the largest banks headquartered in the western US, with combined assets of about $34 billion. First Hawaiian shares were down 4%, while TriCo jumped 11%.US banking giants JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), Wells Fargo (WFC), Morgan Stanley (MS), and Citigroup (C) are expected to report their latest quarterly financial results later this week, along with other major corporations, including Johnson & Johnson (JNJ), UnitedHealth (UNH) and Netflix (NFLX).Gold fell 2.7% to $4,004.80 per troy ounce, while silver lost 3.7% to $57.92 per ounce.

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Netflix' Ad Revenue Set to Double This Year Despite Engagement Concerns, Wedbush Says
US Markets

Netflix' Ad Revenue Set to Double This Year Despite Engagement Concerns, Wedbush Says

Netflix (NFLX) remains on track to roughly double its advertising revenue this year even as US engagement appears to have flattened out, Wedbush Securities said Monday in note.The brokerage reiterated its outperform rating on the stock, with a price target of $118, ahead of the streaming giant's second-quarter results due out on Thursday.Wedbush projects revenue of $12.58 billion, largely in line with consensus estimates, and earnings per share of $0.78, just shy of Wall Street's $0.79 view."Higher ad load, better targeting after bringing the ad stack in-house, and live-sports pricing power are set to roughly double ad revenue in 2026 toward ($3 billion)," Wedbush analyst Alicia Reese wrote.Netflix's first-quarter results rose year-on-year in April, buoyed by stronger-than-projected membership growth, higher pricing and increased ad revenue.But Wedbush pointed to certain bearish arguments, including US engagement plateauing and a drop in cost per thousand impressions."Premium CPMs are stepping down as supply grows, but not because advertisers are pulling back," Reese wrote. "The ad business is quietly doing more work than that (headline) CPM decline suggests."The stock has plunged roughly 40% since the release of first-quarter results, which coincided with the announcement on chairman Reed Hastings' departure from the board, Reese said.Wedbush' $118 price target "reflects our view that the advertising ramp outweighs the engagement debate," the analyst said.Price: $74.91, Change: $+1.54, Percent Change: +2.10%

$NFLX
Wire

Netflix to Gain From Ads, Stronger Content, Margin Growth, Oppenheimer Says

Netflix (NFLX) could benefit from better ad pricing, a stronger content lineup in H2, higher-than-expected margins and lower churn than investors fear, Oppenheimer said in a note emailed Monday.Netflix's current share price already reflects near-term pressure from lower ad monetization and customers moving to cheaper plans, Oppenheimer said, while adding that matching rivals' average ad prices could add about $4 billion in revenue, while closing the revenue gap between ad-supported and standard plans could create an $11.6 billion opportunity.Oppenheimer expects viewing to improve as Netflix plans 104 releases in H2, including 30 new seasons or sequels tied to earlier successful shows and films, while concerns about cancellations appear overstated because the firm's survey found far more customers were watching more Netflix content than those watching less.Netflix's 2026 margin forecast may be cautious, and operating income in 2027 and 2028 could come in about 4% above current market expectations, according to the note.Oppenheimer kept its outperform rating for Netflix and cut its price target to $100 from $120.Price: $74.94, Change: $+1.57, Percent Change: +2.13%

$NFLX

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