Diamonds and Dogs

10/18/24

Netflix is the diamond today up 11% after the streaming giant beat Wall Street's expectations on both the top and bottom line. Sales rose 15% to $9.82 billion.Netflix also raised guidance with a 35% jump in ad-tier memberships from the prior three-month period. BMO and Wedbush upgraded the stock with $825 and $800 price targets.

Record earnings did not help American Express (AXP). The stock is down 2% after beating by 20 cents as sales rose 8.2% to $16.64 billion. The company also raised guidance, but rising credit provisions of $1.4 billion spooked investors, reflecting higher net write-offs from increased loan volumes. Management said there is a shift in consumer behavior, with cardholders adopting a more cautious stance amid economic uncertainty, tempering expectations for the remainder of the year.