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Netflix and Amex sink following disappointing Q4 results

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Netflix shares fell after delivering disappointing guidance.  The first of the FAANG stocks to report had a small miss on revenue but the news what not all negative as they continue to see a strong trend in delivering global net paid adds.  The initial weakness was helped by lower than expected Q1 guidance for both EPS and revenue.  Before today’s earnings report shares had rebounded over 30% following the Christmas Eve selloff.  The recent rally was supported by the news that they will be raising their subscription prices.

American Express shares plummeted following mixed results.  The top-line saw revenue post the sixth consecutive quarter of growth with a $10.47 billion reading, analysts were expecting $10.57 billion.  The bottom delivered a strong beat with an EPS of $2.32, a strong beat of the $1.80 estimate.  For 2019, the company expects earnings to come in between $7.85 to $8.35, analysts’ forecast was $8.17.  Expenses did show sharp rises in both Marketing & Business Development and Card Member Services.  Total expenses increased 9% in the fourth quarter and 8% for the year.

The US indexes all saw modest bullish moves following the close.  The Nasdaq continues to advance above the 50-day SMA, but is finding resistance from the 50% Fibonacci retracement of the October high to December low move.  If price is unable to extend above the 6,750 level, initial support may be found from the 6,530 level.  To the upside, 7,000 remains critical resistance.

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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