Home Sales, Beige Book, Earnings: Daily Contrarian, April 20
Netflix stock is tanking after the company posted disappointing subscriber figures, taking streaming competitors with it…
Good morning contrarians!
Stock futures are flat a day after a big rally on Wall Street. The Nasdaq led major U.S. indexes with gains of 2% plus. Dow Industrials and S&P were up around 1.5% each.
Today as of 0630, there are a few signs of life in small caps, with the Russell 2000 up 0.4%. Dow Industrials are up 0.2%. The others are flat. Futures were down earlier in the overnight session. There’s a bit of a rally developing in Europe around midday, with the CAC in Paris and DAX in Frankfurt up over 1% each.
Among individual stocks, Netflix (NFLX) is getting beat up after reporting a surprising drop in subscribers. The stock is down 27% since the close. This is now spreading to other streaming companies with Disney (DIS), Paramount (PARA), and Warner Discovery (WBD) each down multiple percent.
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