US markets lower; Netflix tanked 20% on Q4 results; American Airlines hit by Q4 results
- The Nasdaq fell 1.3% to close Thursday’s session at 14,154 points.
- Netflix plunged 20% in after-hours trade on slowed subscriber growth.
- American Airlines hit by Q4 results & forecast of declining revenue in Q1.
The US markets extended a losing streak into Thursday as stocks gave up a morning rally in the last hour of trade again to close lower. Investors continue to grapple with the idea of multiple interest rate hikes in 2022 as inflation sits at multi-decade highs.
The Dow Jones fell 0.89% to finish the trading day down 313 points to close at 34,715 points.
The tech heavy NASDAQ fell 1.3% to finish the trading day down 186 points to close at 14,154 points
One bitcoin is worth US$41,092 going into the Asian trading day.
The Australian dollar is stronger against the major currencies and is buying 72.27 US cents.
Netflix shares plunged more than 20% in after-hours trade on Thursday after the streaming giant released fourth-quarter earnings results. Despite reporting EPS at US$1.33/share on Revenue of US$7.71bn which topped market expectations on both fronts, global paid subscriber additions came in at 8.28m, which was lower than the 8.5m in the same quarter a year earlier. Netflix also said it expects to add 2.5m subscribers in Q1 FY22 which is far below the near 4m it added in Q1 FY21.
Shares in American Airlines took a hit yesterday after the airline reported fourth-quarter results that narrowly beat estimates. American Airlines reported EPS of -$1.42/share on revenue of US$9.43bn but said it expects first-quarter revenue to be down 20%-22% compared to Q1 FY19 before the pandemic.
And Amazon is opening its first brick and mortar store in L.A. this year called the Amazon Style store that will carry all top-selling brands from Amazon’s website as well as Amazon’s own branded apparel.
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