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Netflix shares profits with strong adoption of advertising tier plan
11 minutes ago
Netflix (NFLX) became the best-performing stock in the S&P 500 on Thursday after executives said its ad-supported plans attract 23 million monthly users.
Advertising president Amy Reinhardt said at the Variety Entertainment Summit at the 2024 Consumer Electronics Show that the streaming service’s advertising user base has grown since November, when the company reported 15 million monthly active users. He said it had increased by more than 50%.
Netflix first introduced ad-supported slots in November 2022, starting at a monthly fee of $6.99. Since then, the company has cracked down on password sharing and eliminated its basic ad-free plan, sending millions of old and new users to its cheapest plan.
Subscriber growth for the ad-supported plan has repeatedly exceeded expectations, driving Netflix’s stock price up more than 60% since the plan was introduced.
Late Thursday afternoon, Netflix stock was up 2.8% to $491.75.
midday moving company
42 minutes ago
Netflix (NFLX) Shares rose after the largest streaming provider reported more than 23 million monthly active users (MAUs) for its ad-supported plans.rival stocks Warner Bros. Discovery (WBD) and Paramount Global (PARA) Dropped.
Chesapeake Energy (CHK) Stock prices rise on prospect of becoming the largest U.S. natural gas producer by acquiring a competitor Southwestern Energy (SWN) 7.4 billion dollars. Southwestern Energy shares rose slightly.
Tensions in the Middle East pushed up crude oil futures, and oil futures stocks rose. Valero Energy (VLO) and other energy companies.
Tesla (TSLA) Stocks fell on reports that union organizers are targeting electric car makers by raising wages for production workers in the United States.
shares of Citigroup (C) Shares fell after the bank warned of higher-than-expected costs in the fourth quarter related to exposure to Argentina and Russia and restructuring.
-Bill McCall
Tesla stock falls on report that company has raised wages amid growing union pressure
1 hour 25 minutes ago
Tesla in intraday trading on Thursday following reports that the electric vehicle pioneer will raise wages amid a spate of wage hikes at automakers following efforts by the United Auto Workers (UAW) to organize non-union members. (TSLA) stock fell.
A flyer posted at a Tesla facility in California said U.S. production workers would receive “market-adjusted wage increases” in the new year, Bloomberg reported on Thursday.
Following the UAW’s agreement with the Big Three, the union launched a campaign to organize non-union members at other automakers, including Tesla.
Since then, some automakers have raised wages for their workers, potentially deterring union organizing. Hyundai Motors has announced that it will begin raising wages for its employees starting in 2024, with the aim of increasing hourly wages by 25% by 2028. Volkswagen also offered some production employees an 11% raise.
Tesla shares fell nearly 3% in early afternoon trading Thursday. The stock price has increased 83% over the past year.
-Naomi Buchanan
Hertz stock plummets due to EV resale
2 hours 1 minute ago
Hertz Global (HTZ) stock fell more than 3% in intraday trading Thursday after the rental car company announced it would sell 20,000 electric vehicles from its fleet.
The company expects to recognize approximately $245 million in depreciation and amortization expense in the fourth quarter. A portion of the proceeds will also be used to purchase new internal combustion engine vehicles. The company expects the proceeds from the sale to fully offset depreciation and amortization costs by the end of 2025.
The sale, representing about a third of the company’s EV fleet, comes as Hertz faces weak demand for electric rentals and high costs associated with repairing EVs. “Costs related to crashes and injuries primarily associated with EVs remained elevated during the quarter, supporting the company’s decision to begin a significant reduction in its EV fleet,” Hertz said in a regulatory filing Thursday. ” he said.
Reducing the scale of the company’s electric vehicle fleet is also expected to “better balance supply to anticipated demand for EVs.”
Hertz made headlines in 2021 when it announced it would purchase 100,000 Teslas to promote the electrification of its vehicles. The deal sent Tesla stock soaring, pushing its market capitalization to more than $1 trillion.
Citigroup shares fall after restructuring and exposure to Argentina revealed to be overvalued
2 hours 40 minutes ago
Citigroup (C) shares rose 2% in early trading Thursday after the company reported higher fourth-quarter expenses related to its exposure to Argentina and Russia as well as a review of its company. It fell more than that.
Citi, which will report fourth-quarter results on Friday morning, said in a regulatory filing on Wednesday that the fourth-quarter The company stated that it had set aside a total of $1.3 billion in reserves. The company also announced a $780 million charge related to Chief Executive Officer Jane Fraser’s restructuring of the bank.
New York bank lenders said they expect to receive a $1.7 billion bill to replenish the Federal Deposit Insurance Corporation’s (FDIC) deposit insurance fund following last March’s local banking crisis.
Citi stock was down 2.6% at midday Thursday. It has risen about 6% over the past year.
-Fatima Atalwala
Microsoft temporarily overtakes Apple as the most valuable company in the US
3 hours 51 minutes ago
Microsoft (MSFT) on Thursday briefly reclaimed the title of America’s most valuable company from Apple (AAPL), which claimed the top spot from Microsoft in November 2021.
Microsoft stock rose as much as 2% Thursday morning, giving it a market capitalization of more than $2.87 billion. Meanwhile, Apple stock has fallen, with its valuation falling below its threshold.
The reversal may have been short-lived as Microsoft stock retreated from intraday highs, but analysts remain bullish as the company was able to close a gap of more than $200 billion last year with its AI-powered rally. . Of the 52 analysts covering Microsoft, 41 rate the stock at the highest possible buy rating. 6 companies have given the company a positive “overweight” rating and 5 have given a neutral rating to the stock.
Meanwhile, Apple has been downgraded by several analysts this year due to concerns about demand for its best-selling product, the iPhone. Of the 54 analysts covering Apple, only 25 rate it as overweight or higher, 15 are neutral, and four rate the stock as underweight or sell. It is evaluated as follows.
Bitcoin skyrockets with the introduction of spot ETFs
4 hours 27 minutes ago
Bitcoin (BTCUSD) soared on Thursday morning, but pared its gains as the long-awaited Spot Bitcoin ETF hit exchanges, opening the door for billions of dollars to flow into the crypto asset.
Bitcoin prices soared to nearly $49,000, the highest since December 2021, as 11 Bitcoin ETFs from providers including BlackRock, Fidelity, and Invesco began trading on NYSE Arca, Seabo BZX, and Nasdaq. became. They are the first exchange-traded fund to directly track the price of Bitcoin rather than Bitcoin futures contracts.
Nearly a dozen funds are currently premiering, with providers temporarily lowering or waiving fees to attract capital inflows and gain an edge in a competitive field.
The fund will open up to billions of dollars of capital to cryptocurrencies from individual and institutional investors who have been sidelined due to concerns about keeping cryptocurrencies safe and trading on exchanges not supervised by the SEC. It is widely expected that this will happen.
Thursday’s gains at one point pushed Bitcoin’s market capitalization to about $960 billion, making the cryptocurrency worth all but five U.S. companies.
Stocks that move the most before the market
5 hours 26 minutes ago
Profit:
- Coinbase Global (COIN): The cryptocurrency exchange’s stock price rose 3% after the Securities and Exchange Commission approved 11 spot Bitcoin ETFs, some of which will have Bitcoin as the asset manager.
- Chesapeake Energy Corporation (CHK): The oil and natural gas producer’s stock rose more than 2% after the company announced it would merge with Southwestern Energy (SWN) in an all-stock deal worth $7.4 billion. Southwestern shares fell about 2%.
- Infosys (INFY): Shares of the Indian tech company rose nearly 2% after the company reported quarterly profits that broadly met expectations. Additionally, due to the slowdown in customer spending, the company has reduced or lowered the upper limit of its full-year earnings forecast.
loss:
- Hertz Global Holdings (HTZ): Shares of the rental car company fell 4% after the company announced it would sell a third of its electric vehicle fleet due to weak demand and repair costs.
- KB Home (KBH): The home builder’s stock fell more than 3% after the company announced fourth-quarter home sales and average prices fell year-over-year.
- Citigroup Inc. (C): The bank’s shares fell more than 1% after the company announced that costs related to its previously disclosed restructuring and the depreciation of the Argentine peso were much higher than previously expected.
Inflation accelerates in December
5 hours 58 minutes ago
U.S. consumer prices rose 0.3% in December, accelerating from a 0.1% rise the previous month and a bigger rise than economists had expected. Evacuation costs contributed to more than half of last month’s increase in the Consumer Price Index (CPI).
The core index, which excludes volatile food and energy prices, rose 0.3%, bringing the annual core inflation rate to 3.9%. This is a slowdown from November, but smaller than economists expected.
Futures rise ahead of December inflation report
6 hours 23 minutes ago
Futures contracts tied to the Dow Jones Industrial Average were unchanged a little more than an hour before the market opened, after giving up earlier gains.
S&P 500 futures traded 0.1% higher.
Nasdaq 100 futures rose about 0.4%.
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