Netflix shares jump 8%
Netflix‘s stock popped about 8% on Thursday following the streaming giant’s upfront presentation to advertisers.
During the event held Wednesday, the media company revealed that its new ad-supported tier boasts nearly 5 million active monthly users.
Wall Street seemed to broadly view upfront in a positive light, with JPMorgan reiterating its overweight rating, and saying it’s becoming “incrementally positive’ on shares.
Netflix shares jump
McCarthy says he’s optimistic negotiators can reach deal on debt ceiling in time for vote next week
Big Tech, chipmakers help lift Nasdaq Composite
Dow lags in early trading
The Dow’s 1-day chart
Leading indicators fell 0.6% in April in ‘mild recession’ sign
The Conference Board’s Leading Economic Index declined 0.6% in April, signaling more deterioration in the U.S. economic picture.
Though the index, fell in line with the Dow Jones estimate, it still was indicative of a slowing growth picture and a potential recession ahead.
“Importantly, the LEI continues to warn of an economic downturn this year,” said Justyna Zabinska-La Monica, the board’s senior manager of business cycle indicators. “The Conference Board forecasts a contraction of economic activity starting in Q2 leading to a mild recession by mid-2023.”
The LEI looks at 10 components including jobless claims, manufacturing gauges and financial market benchmarks such as bond yields and the S&P 500.
—Jeff Cox
UBS raises price target on shipping giant ahead of quarterly results
UBS raised its price target on FedEx on Wednesday, as the firm said it expects quarterly results next month to surpass consensus expectations. Shares were up more than 2% in Thursday’s session.
“We believe upcoming results from FedEx next month can be a meaningful positive catalyst for shares. We see little to no risk on the quarter itself, and we are very positive on the potential for 2024 earnings and guidance relative…
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