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8:33 am: Netflix rebounds as Wall Street analysts shrug off subscriber miss
Netflix was the first of the so-called FANG stocks to report fourth-quarter results. The streaming giant beat on the top and bottom line, but gave disappointing guidance and posted a miss on domestic subscriber growth. Wall Street analysts largely looked past the weakness and believe Netflix is on the right track to profitability. Goldman Sachs said the company’s content investments, distribution partnerships and global positioning should drive subscriber growth “significantly above consensus expectations.” Bank of America expects Netflix to be “increasingly dominant overseas” in the next year. Credit Suisse said the set-up is “quite favorable for Netflix heading into 2020,” and the subscriber guidance looks “conservative.” Shares of Netflix rose more than 1% in premarket trading on Wednesday, after losing as much as 2% Tuesday after the bell following the earnings report.Click here to read more about what every major analyst had to say about Netflix’s latest earnings. -Li
8:30 am: Dow set to rise
Big IBM gains and easing coronavirus fears are boosting stock futures. The implied open for the Dow is about 80 to 100 points higher. IBM shares popped more than 4% in the premarket on the back of strong earnings. S&P 500 and Nasdaq 100 futures also pointed to solid gains at the open. Sentiment on Wall Street was lifted amid dissipating concerns over the coronavirus that has swept across China. Chinese authorities have unveiled measures to curb the virus’ spreading. President Donald Trump also said the U.S. has everything “totally under control” as it relates to the coronavirus. Imbert
With reporting by Fred Imbert, Yun Li