Stocks Trade Mixed, Nasdaq Hits Record as Netflix Soars - TheStreet
Stocks traded mixed on Tuesday, Jan. 23, as investors turned their attention to corporate earnings after U.S. lawmakers ended a three-day government shutdown on Monday, Jan. 22.
The Dow Jones Industrial Average fell 0.17% to 26,170, the S&P 500 fell 0.03% after rising earlier, and the Nasdaq gained 0.28%. All three indexes scored record intraday highs soon after markets opened.
Shares of Netflix Inc. (NFLX) jumped 10% to $250.64 on Tuesday after the streaming giant posted subscriber growth that again exceeded expectations. The company's market cap exceeded $100 billion for the first time.
Netflix also said it would increase its spending on content -- including original productions -- to $8 billion this year, a move that lifts its total commitment to around $18 billion. Netflix also will increase its marketing budget to around $2 billion.Johnson & Johnson (JNJ) reported fourth-quarter adjusted earnings of $1.74 a share, 2 cents above estimates. The stock fell 2% on Tuesday.
Procter & Gamble Co. (PG) earned $1.19 a share on an adjusted basis in its fiscal second quarter, topping forecasts, and said it expects fiscal 2018 adjusted per-share earnings growth of 5% to 8% vs. prior projections of 5% to 7%. P&G shares fell 2.5%.
Procter & Gamble Beats Forecast in Debut Earnings Report With Peltz on Board
Travelers Cos. (TRV) posted core earnings in the fourth quarter of $2.28 a share, beating estimates of $1.50 from analysts surveyed by FactSet.
Verizon Communications Inc. (VZ) fell 0.4% after posting fourth-quarter adjusted profit of 86 cents a share, missing forecasts by 2 cents. Revenue of $34 billion, however, topped Wall Street's estimates.
Verizon Misses Earnings Estimates but Postpaid Subscriber Growth ImpressesKimberly-Clark Corp. (KMB) fell 0.17% after the maker of Huggies diapers and Kleenex tissues said it would slash roughly 13% of its global workforce. Along with the announcement of job cuts, the company said it earned $1.57 a share in the fourth quarter, 2 cents above estimates. Revenue of $4.58 billion came in slightly below consensus.
Twitter Inc. (TWTR) shares fell 3% after Chief Operating Officer Anthony Noto resigned to become CEO of lending start-up SoFi.
Shares of U.S. washing machine maker Whirlpool Corp. (WHR) rose 3% after the Trump administration said tariffs for large residential washing machines will start at up to 50% and phase out after three years.
European stocks traded higher Tuesday while Asian equities ended the session Tuesday sharply to the upside.More of What's Trending on TheStreet:
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