Monday’s Headlines: Netflix Dominates The Oscars
Here were the biggest movers in the MyWallSt shortlist on Friday:
Moving Up ⬆️
Cloudflare (NET) +9.7%
FactSet (FDS) +7.2%
Spotify (SPOT) +7.1%
Datadog (DDOG) +5.6%
Moving Down ⬇️
Hain Celestial (HAIN) -2.5%
Planet Fitness (PLNT) -1.4%
Hasbro (HAS) -1.4%
Chegg (CHGG) -1.2%
1. And the award goes to… Netflix (NFLX)! The content platform proved yet again that streaming is king by dominating the Oscars at the weekend, picking up seven prizes for movies including ‘Ma Rainey’s Black Bottom’ and ‘Mank’, a big leap from the two wins it received in 2020. The attention for Netflix at the 93rd Academy Awards was well-timed as the company recently reported adding fewer subscribers than estimated in its earnings report last week. However, Netflix lost best picture to Disney (DIS)-owned Searchlight’s ‘Nomadland.’ The win proved Searchlight's worth after Disney acquired the studio house in 2019 as part of its $71 billion purchase of 21st Century Fox entertainment assets. Read more on the story here.
2. Ahead of Wall Street’s busiest week of earnings, major U.S. indexes are steady in early morning trading today. Futures tied to the S&P 500 (VOO) are flat, while the Nasdaq (QQQ) is trading slightly lower. Over the coming days, investors will be focused on a Federal Reserve meeting, the rollout of President Biden’s 'American Families Plan,' further inflation data, and a stack of earnings reports. Around a third of the S&P 500 are set release financials this week, with investors eagerly awaiting reports from industry titans, Apple (AAPL), Microsoft (MSFT), Amazon’s (AMZN), Alphabet (GOOG), and Tesla (TSLA). See more on the story here.
3. On Friday, Gentex (GNTX) reported earnings that missed Wall Street’s estimates. The maker of automatic-dimming rear-view mirrors posted revenue of $483.7 million, up 7% from the year-ago period. The Michigan-based company recorded adjusted earnings of $0.46, up 28% year-over-year, which also did not meet analysts' expectations. Gentex said that part shortages in Q1 resulted in a 12% reduction in production levels in North America. Despite these issues, the first quarter of 2021 was the second highest sales quarter in the company’s history. In addition, Gentex also gave a strong forecast for 2022, estimating revenue to be up 13% higher than this year. Read the full press release here.
There is 1 company on the MyWallSt shortlist that will report earnings today:
Get this week’s full earnings calendar here.