🍿 Netflix Soars 11.5% on Subscriber Retention
What you need to know before the US markets open 🇺🇸
Hey Global Investor, here's what you need to know before the US markets open.
Market Snapshot 📈
S&P 500 (Wednesday Close) 3,478.73 +35.11 (1.02%)
NASDAQ (Wednesday Close) 11,665.06 +198.59 (1.73%)
FTSE 100 (5 PM IST) 6026.49 -19.11 (-0.31%)
NIFTY 50 (Today's Close) 11,559.25 +9.65 (0.084%)
USDINR (5 PM IST) 73.93 (1 Year +3.74%)
Netflix Shares Near All-time High
The streaming giant’s ability to hold on to subscribers helped its stock rally by 11.6% on Wednesday.
What Happened? Netflix ended the day just shy of the high water mark of $548.73 set in July. Investor optimism bubbled over as the company held on to much its subscriber gains in the first half of 2020, pushing its market cap beyond $241B.
Netflix had added over 25M net new subscribers across the globe until June, citing Covid as the catalyst for the surge. Even as Netflix was cautious about subscriber growth prospects for the second half of the year, investors do expect the pandemic to persist for some time.
Piper Sandler’s research highlighted Netflix as the number one service people plan to continue post-Covid and are willing to pay more for it. This finding added to investor expectations and the rally ensued. The company is comfortably ahead of competitors such as Prime Video, Hulu, Disney+, and HBO in terms of customer retention.
Market Reaction: Netflix shares climbed 11.61% to close at $547.53
Netflix Snapshot 📈
NFLX $547.53 +56.95 (+11.61%)
Analyst Rating (41 Ratings)BUY 61% HOLD 27% SELL 12%
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Winvesta Writes ✍️
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Later Today 🕒
6:00 PM IST: Initial jobless claims
6:00 PM IST: Continuing jobless claims
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After Market Close: Workday Inc Earnings (WDAY)
After Market Close: VMware Inc Earnings (VMW)
Fun Fact of The Day 🌞
Elephants need up to 150kg of food per day
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