Netflix Shares Continue To Fall!
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Netflix shares fell more than 3.3% during the trading day Tuesday but recovered slightly to close the day at $167.54, down $2.15 (1.27%).
This continued selloff was a result of Benchmark analyst Matthew Harrigan turning bearish on the streaming giant, and setting a new price target that was the lowest on Wall Street.
Harrigan said he reverted back to a sell rating, “admittedly after having prematurely upgraded the stock to hold” on Jan. 21. He set a $157 stock price target, which was the lowest of 44 analysts surveyed.
The stock plummeted 35.1% on April 20 following first-quarter results, in which Netflix said it lost subscribers for the first time in years, said it would offer a lower-price subscription tier and crack down on password sharing.
In Tuesday’s downgrade, Harrigan said he is “skeptical on any
sustained Netflix stock recovery,” despite calls by other analysts that valuation is attractive following the stock’s plunge this year.
“Beyond the inflation-challenged and more price-sensitive consumer, the continued negative Netflix press glut, relating to member losses and even Prince Harry and Meghan, is a mild growth albatross,” Harrigan wrote in a note to clients.
So where to now for Netflix?
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Ian Harvey
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What Will Drive Twitter's Recovery?
Meantime, Members of Weekly Options USA are now up potential profits of 92%.
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Twitter shares still sit well below the level at which Elon Musk has said he'll purchase the company, ahead of a town hall meeting with the Tesla CEO later this week.
Musk is set to address Twitter employees on Thursday, according to a company-wide email sent by CEO Parag Agrawal, as the micro-blogging website prepared to vote on the $44 billion takeover bit put forward by the world's richest man later this summer.
However, will this positivity last in this panic-driven environment?
Twitter shares were up 2.8% higher in premarket trading to indicate an opening bell price of $38.09 each, a move that would still leave the stock more than 30% shy of Musk's 'best and final' offer of $54.20 per share.
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JABIL EARNINGS EXPECTATIONS
Jabil Inc (NYSE: JBL)
Jabil will report earnings on Thursday, June 16, 2022, before the market opens. The consensus earnings estimate is for $1.62 per share on revenue of $8.21 billion: but the Whisper number is a bit higher at $1.67 per share.
The company trounced expectations at its last outing, which showed an 11% sales boost. Even more impressive was Jabil's 23% increase in earnings per share.
Jabil raised its 2022 outlook back in March, and management now sees revenue landing at $32.6 billion, or about 11% higher than 2021.
The St. Petersburg, FL-based company is expected to have recorded year-over-year higher revenues, driven by solid demand in key end markets, diligent execution of operational plans and skilful management of supply chain dynamics.
Will Jabil meet
expectations?
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Ian Harvey
Weekly Options USA
WEEKLY OPTIONS RESULTS FOR 2022 UPDATED
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Weekly Options USA
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