International News and Market Update: Netflix tops earnings and adds subscriber, and more

 International News and Market Update: Netflix tops earnings and adds subscriber, and more

International News and Market Update: Netflix tops earnings and adds subscriber, and more.

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  • European stocks closed higher on Tuesday as investors watched corporate earnings and rising coronavirus cases in countries such as Britain. The pan-European Stoxx 600 closed 0.4% higher, with utilities up 1.4% while food and beverage stocks fell 1%. Danone, Kering, Vinci and Deutsche Boerse released their results on Tuesday, while BHP presented an operating report. Among individual stocks, German mass media company ProSiebenSat 1 climbed 5.6% to lead the Stoxx 600.
  • U.S. stocks advanced Tuesday as major companies continued to report strong third-quarter results, allaying fears that the ongoing covid case and rising costs could wipe out the earnings recovery for American companies. The Dow and S&P 500 are now less than 1% off their respective all-time highs. Shares of Dow member Travelers rose 1.6% after the insurance company’s quarterly report beat expectations.
  • Stocks in the Asia-Pacific region were mixed this morning. China left its benchmark one-year lending rate (LPR) unchanged at 3.85% today, while the five-year LPR was also held at 4.65%. This was in line with the expectations of the majority of traders and analysts who had expected no change in both the one-year and five-year policy rates in a Snap Reuters poll. Debt-laden property developer China Evergrande Group has shelved plans to sell a majority stake in its property services business, Reuters reported.

J&J Covid vaccine boosts third-quarter sales by $502 million

Johnson & Johnson sold $502 million of its Covid-19 vaccine in the third quarter, beating Wall Street’s profit expectations. J&J raised its full-year earnings forecast to $9.77 per share to $9.82 per share, up from previous estimates of $9.60 to $9.70 per share. The company expects revenue between $94.1 billion and $94.6 billion, compared with a previous forecast of $93.8 billion to $94.6 billion. At the same time, the company maintained its sales forecast for its Covid vaccine at $2.5 billion.

Netflix tops earnings and adds subscribers

Shares of Netflix fell about 1% in after-hours trading Tuesday after the company reported its third-quarter results, showing investors that the streaming service continues to add subscribers. Earnings per share (EPS) were $3.19 versus $2.56, according to Refinitiv, and revenue was $7.48 billion versus $7.48 billion. Subscriber growth of 4.4 million in the quarter topped the expected 3.84 million. Analysts had expected users to flock to the streamer as the company began releasing a slew of content that had been delayed until the second half of the year because of the pandemic. The company said it expected to add 8.5 million new subscribers in the fourth quarter.

Mandy Nunes

https://gvmarkets.com/

Mandy Nunes is the Chief Marketing Officer for GV Markets. With 15 years of experience in the Financial Services Industry within the South African market, she has held various responsibilities within the business development, marketing, operations and regulatory space – leading to a very fitting position within the Trading and Investment environment. Mandy has notably been the editor of 'The Ordinary Millionaire', along with having written numerous pieces within the industry at large. Holding both legal and wealth management qualifications, her goal is to bring about massive success for, and within, GV Markets. GV Markets is a South African forex and CFD broker that offers comprehensive trading solutions to both retail and professional traders. GV Markets prides itself in being a well-regulated and reputable STP brokerage that works according to a No-Dealing Desk trading model, offering traders access to some of the best liquidity providers in the country.

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