McDermott International Inc
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Energy : Energy Equipment & Services | Small Cap ValueCompany profile

McDermott International, Inc. is a provider of integrated engineering, procurement, construction and installation (EPCI), front-end engineering and design (FEED) and module fabrication services for upstream field developments across the world. The Company delivers fixed and floating production facilities, pipeline installations and subsea systems from concept to commissioning for offshore and subsea oil and gas projects. It operates through three segments: the Americas, Europe and Africa (AEA), the Middle East (MEA) and Asia (ASA). As of December 31, 2016, operated in approximately 20 countries across the Americas, Europe, Africa, the Middle East, Asia and Australia, its integrated resources include a diversified fleet of marine vessels, fabrication facilities and engineering offices. It support its activities with project management and procurement services, while utilizing its fully integrated capabilities in both shallow water and deepwater construction.

Closing Price
$7.60
Day's Change
-0.11 (-1.43%)
Bid
--
Ask
--
B/A Size
--
Day's High
7.75
Day's Low
7.49
Volume
(Light)
Volume:
3,105,586

10-day average volume:
4,341,917
3,105,586

UPDATE: Netflix stock falls after SunTrust slashes price target

11:40 am ET January 6, 2019 (MarketWatch)
Print

By Sarah Toy

SunTrust tracked subscriber additions through November and said trends were 'pointing to 4Q sub adds slightly below consensus'

Shares of Netflix Inc. (NFLX) were down 2.5% Wednesday morning after analysts at SunTrust Robinson Humphrey slashed their stock price target to $355 from $410, citing their own data suggesting lower-than-expected subscriber additions in the fourth quarter.

SunTrust tracked subscriber additions through November and said trends were "pointing to 4Q sub adds slightly below consensus." Analysts led by Matthew Thornton wrote that the firm's subscriber tracker, which bases its data on Google search trends, suggested fourth-quarter U.S. member additions between 1.43 million and 1.75 million, lower than the current consensus of 1.75 million to 1.8 million. Internationally, SunTrust said Netflix was tracking to add 5.0 million to 6.9 million subscribers, lower than the consensus of 7.3 million to 7.6 million.

Thornton acknowledged the tracker did not take into account the effect of content that hit the streaming platform in December, including the hotly-anticipated "Black Mirror: Bandersnatch" and the widely-watched thriller "Bird Box."

Read: Netflix: Nearly one-third of subscribers watched 'Bird Box' in first week (http://www.marketwatch.com/story/netflix-nearly-one-third-of-subscribers-watched-bird-box-in-a-week-2018-12-28)

Also: Everything coming to Netflix in January -- and what's leaving (http://www.marketwatch.com/story/everything-coming-to-netflix-in-january-and-whats-leaving-2018-12-31)

Thornton wrote that SunTrust is still watching Netflix's December data and how that could affect the number of new subscribers in the fourth quarter. "Key content in December... should close the gap, but meaningful 4Q upside looks unlikely," he wrote.

Separately, Netflix has confirmed it is no longer allowing users to pay for its streaming service (http://www.marketwatch.com/story/netflix-is-no-longer-allowing-users-pay-through-apples-itunes-2019-01-02) through Apple Inc.'s (AAPL) iTunes service. It's a big loss for Apple according to data from SensorTower, Netflix is the top-grossing app in the U.S. for Apple -- the company got an estimated $256 million in app-related fees from the streaming giant in 2018, according to data cited in TechCrunch (https://techcrunch.com/2018/12/31/netflix-stops-paying-the-apple-tax-on-its-853m-in-annual-ios-revenue/).

Read: Netflix's Reed Hastings and Ted Sarandos to get $31.5 million in compensation in 2019 (http://www.marketwatch.com/story/netflixs-reed-hastings-and-ted-sarandos-to-get-315-million-in-2019-2018-12-31)

The company also removed an episode of its satirical comedy show "Patriot Act with Hasan Minhaj" from its Saudi Arabia service after complaints from authorities there. Netflix said it was told the episode breached the kingdom's anti-cybercrime law, which forbids it from "impinging on public order, religious values, public morals, and privacy." In the episode, Minhaj criticizes the official account of the killing of Washington Post writer Jamal Khashoggi (http://www.marketwatch.com/story/us-senators-conclude-the-saudi-crown-prince-ordered-journalists-killing-2018-12-04).

Netflix shares have gained 31% in the last 12 months, while the S&P 500 has fallen 7.6%. Apple shares have fallen 9.5% and the Dow Jones Industrial Average has fallen 6%.

-Sarah Toy; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

January 06, 2019 11:40 ET (16:40 GMT)

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