Thursday’s Headlines: You Got Games On Your Netflix?

Thursday’s Headlines: You Got Games On Your Netflix?

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Apple (AAPL) +2.4%

Coca-Cola (KO) +2.3%

Mastercard (MA) +1.8%

Lululemon (LULU) +1.7%

Axos Financial (AX) +1.6%

Moving Down ⬇️

Stitch Fix (SFIX) -6.6%

DraftKings (DKNG) -6.0%

Peloton Interactive (PTON) -5.4%

Wix (WIX) -5.2%

Redfin (RDFN) -4.9%

1. Not content with dominating the entertainment streaming sector, Netflix (NFLX) is now planning to push into the gaming space. The California-based company has hired former Electronic Arts (EA) and Facebook executive, Mike Verdu, to lead the effort as Vice President of game development. Within the next year, Netflix is hoping to attract more new subscribers by adding games, something its competitors, Amazon (AMZN) and Disney (DIS), currently do not provide. Sources say that Netflix isn’t planning on charging extra for the content but the additions will help justify any future price hikes. Netflix shares jumped over 3% in late trading yesterday following the news. See more here

2. Staying on the topic of content, Facebook (FB) is offering to pay out $1 billion to creators on its platforms between now and 2022. In a bid to keep influencers and creatives in its app ecosystems, CEO Mark Zuckerberg plans to roll out bonus programs that will pay users for hitting specific milestones. Facebook is also expanding its Stars system which allows viewers to send streamers tips and is setting up a Reels Summer Bonus for Instagram. With TikTok hot on Facebook’s heels as the only social media app not owned by Zuckerberg to surpass 3 billion global downloads, the goal of rewarding creators should boost engagement as the company tries to keep up in the highly competitive social media space. Read more here

3. U.S. stocks closed mostly higher yesterday after Federal Reserve Chairman Jerome Powell explained that the central bank plans to maintain its current monetary policy. As the American economy has a long road ahead before full recovery, the reassurance has helped soothe investors' concerns. Powell also reiterated that rising inflation “has increased notably and will likely remain elevated in coming months before moderating.” On Wednesday, Wall Street also analyzed a mixed earnings report from Bank of America (BAC). As the nation’s second-largest bank, the economic rebound helped to more than double its profit but low interest rates resulted in revenue falling 4% year-over-year to $21.5 billion. See the full press release here

NicoleNicole

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