Netflix stock soars toward best 1-day post-earnings gain in over 4 years
Shares of Netflix Inc. (NFLX) soared 14.2% in premarket trading Wednesday, putting them on track to open in record territory, after the video streaming giant reported after the previous session's close blowout fourth-quarter subscriber numbers (http://www.marketwatch.com/story/netflix-tops-200-million-subscribers-with-year-end-flourish-stock-jumps-8-11611090797), while profit missed expectations. If the stock holds its early gain through the close, it would mark the best one-day post-earnings performance since it reported third-quarter 2016 results on Oct. 18, 2016, when the stock rose 19.0%, according to FactSet data. Netflix results have usually disappointed investors, as the stock had declined the day after the past four quarterly results, and after seven of the past eight results. Over the past 20 quarters, the stock rose the day after earnings just seven times. The stock is headed for an open well above the Sept. 1, 2020 record close of $556.55, but below the all-time intraday high of $575.37 seen on July 13, 2020. It has slipped 4.5% over the past three months through Tuesday, while the S&P 500 has gained 10.3%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 20, 2021 09:15 ET (14:15 GMT)
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