Netflix earnings are in focus this morning
U.S. stocks are pointing to a positive open this morning. Traders are monitoring a potential Brexit deal between the European Union and the U.K., though it's uncertain if the agreement will pass Parliament this weekend. Back on the home front, earnings remain in focus, with names like Morgan Stanley (MS), IBM (IBM), and Netflix (NFLX) making big moves after the companies' quarterly reports. Dow Jones Industrial Average (DJI) futures were last seen trading above fair value, and the S&P 500 Index (SPX) is set to open higher, as well.
Continue reading for more on today's market, including:
- Why one analyst is selling Colgate-Palmolive.
- The buyout buzz that had Tech Data in focus.
- Plus, Netflix stock eyes key level; Ford's big electric vehicle move; and Boston Beer's Truly buzz.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.01 million call contracts traded on Wednesday, compared to 642,580 put contracts. The single-session equity put/call ratio was 0.63, while the 21-day moving average was 0.69.
- Netflix Inc (NASDAQ:NFLX) is trading up 8% before the open, after the company announced better paying subscriber growth than Wall Street was expecting for the third quarter, while earnings also topped estimates. This move would have NFLX above the $300 level options traders were targeting.
- Via a press release this morning, Ford Motor Company (NYSE:F) announced what it's calling North America's largest electric vehicle charging network, with more than 12,000 charging locations. Ford has yet to release any electric vehicles however.
- More analysts are lining up for a sip of Boston Beer Company Inc's (NYSE:SAM) hard seltzer drink Truly. This time it was Cowen who weighed in, saying hard seltzer products are a game changer, and this should help the stock in 2020. Cowen upgraded its view on SAM shares to "outperform."
- The Philadelphia Fed business outlook survey, housing starts, industrial production, and weekly crude inventories come out today. Both Chicago Fed President Charles Evans and New York Fed President John Williams are slated to speak. E*Trade (ETFC), Honeywell (HON), Intuitive Surgical, KeyCorp (KEY), Philip Morris (PM), Snap-on (SNA), Textron (TXT), and Union Pacific (UNP) will report earnings.
European Stocks Near Breakeven Amid Brexit Drama
Stocks in Asia were mostly lower today, as investors kept a close eye on Brexit negotiations. China's Shanghai Composite gave back 0.05%, while Hong Kong's Hang Seng added 0.7%, as property stocks continued to rally on recently announced measures to combat housing shortages. Rounding out the region, Japan's Nikkei finished 0.09% lower, while South Korea's Kospi lost 0.2%.
Over in Europe, markets are mixed as uncertainty builds around the potential Brexit deal. Not only does U.K. Prime Minister Boris Johnson still need Parliament's approval for a deal, but Ireland's Democratic Unionist Party (DUP) has come out against the current exit proposal. At last check, London's FTSE 100 is up 0.8% thanks to a weakening pound. Elsewhere, the German DAX is up 0.1%, and the French CAC 40 is off by 0.2%.