The markets were lower today as earnings data gives investors much to think about. The Dow 30 was lower by 52, the S&P 500 lost 6, and the Nasdaq 100 sold off by 14. Netflix will be the focus after the close as they are due to report earnings that are expected to disappoint the street. Tomorrow investors will focus on earnings and CPI numbers that are due out before the bell.
Bank of America (NYSE: BAC) enjoyed a small bounce today (0.31%) as the banking giant reported a beat on both its top and bottom lines for the third quarter. According to the report, both profit and revenue rose from a year ago, driven by a strong performance in its bond trading and investment banking businesses. Shares remain near their highs for the year.
Netflix (NASDAQ: NFLX) is getting set to report its quarterly results after the bell and it seems that investors are concerned about slowing subscriber growth. Analysts expect Netflix to report earnings of $0.06 a share, down a penny from a year earlier. Revenues are expected to climb by a third to $2.3 billion. According to the media outlets, the key figures to watch are subscriber growth inside and outside the US. Those numbers fell short of expectations in the second quarter, resulting in a decline of over 15% the day after. Shares were lower ahead of earnings by 1.65%
Tesla (NASDAQ: TSLA) was lower today by 1.30% as the big announcement that investors had been waiting for has been delayed. The CEO sent out a tweet over the weekend that he was postponing the company's new product announcement until Wednesday stating that it "needs a few more days of refinement." Tesla has been very quiet on what it will unveil, but the street seems to think that the announcement will be a new iteration of Autopilot and a reworked version of Tesla's Model X SUV. Looks like we'll just have to wait until Wednesday.
Hasbro (NYSE: HAS) was the big earnings winner today (7.43%) after the toy maker delivered better than expected earnings and revenue for the third quarter. According to their report, revenue jumped more than 14% from a year ago thanks to "strong sales of girl toys" including Disney Princess and Frozen dolls.