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Nov 29 (Reuters) – Wall Street indexes were headed for strong gains on Monday as investors rushed to take advantage of steep virus-driven losses, while awaiting more details on the severity of the Omicron coronavirus variant.
All three major indexes slumped between 2.0% and 3.5% on Friday after news of the coronavirus variant triggered a global sell-off, as countries introduced new travel curbs on fears the Omicron variant could resist vaccinations and upend a nascent economic reopening. read more
U.S. President Joe Biden is due to update the public on the variant and the country’s response later in the day, the White House said. read more
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Nasdaq premarket indicators rose the most among their peers, indicating investors were likely favoring pandemic-resistant technology stocks.
Travel stocks, among the worst hit during Friday’s sell-off, marked strong premarket gains. Shares of major airline operators rose between 0.7% and 3.5% after plummeting 3% to 9% on Friday.
Halliburton Co (HAL.N) jumped 2.4%, leading gains among energy stocks as oil prices rebounded from Friday’s sell-off.
Major bank stocks bounced back tracking a recovery in Treasury yields, but concerns over the Omicron variant saw investors pricing in a potential delay to interest rate hikes by the Federal Reserve next year.
“If Omicron did become a major issue, it would have to be bigger than the Delta waves which we just went through. There’s no question that the (Fed) taper would either be paused or delayed,” said Thomas Hayes, managing member, Great Hill Capital LLC, New York.
“You may get a little whiplash back and forth with headlines in coming weeks, but on balance, people need to have exposure into year end.”
At 8:25 a.m. ET, Dow e-minis were up 232 points, or 0.67%. S&P 500 e-minis were up 37.75 points, or 0.82%, and Nasdaq 100 e-minis were up 155 points, or 0.97%.
Among other premarket movers, shares of casino operators Wynn Resorts (WYNN.O) and MGM Resorts International (MGM.N) slipped 0.8% and 0.5%, respectively, tracking losses in their Macau units, which were rattled by arrests over alleged links to cross-border gambling and money laundering. read more
Advanced Micro Devices (AMD.O) rose 1.7% following a report electric-car maker Tesla Inc (TSLA.O) has started using a new AMD chip in Model Y vehicles in China.
Tesla’s shares gained 1.7% after a report that chief Elon Musk urged employees to reduce cost of vehicle deliveries.
Apple Inc (AAPL.O) gained 1.4% after HSBC raised its price target on the iPhone maker’s stock.
TJX Cos Inc (TJX.N) rose 2.6% after Citigroup upgraded the T.J. Maxx owner’s stock to “buy” from “neutral”.
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Reporting by Ambar Warrick in Bengaluru; Editing by Maju Samuel and Shounak Dasgupta
Our Standards: The Thomson Reuters Trust Principles.
Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.
The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.
Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.
The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.
The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.
The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.
The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.
Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.
In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.
“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.
As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.
Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.
The Canadian Press. All rights reserved.
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