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Today is Friday, October 18, 2024.

The Early Bird Index today is 74.95.

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Netflix Keeps Adding Subs 🚀

Netflix (Nasdaq: NFLX) kicked off big tech earnings season on Thursday with strong results, sending the stock up 5.03% in after-hours trading.

Financials: Netflix reported earnings of $5.40 per share in the past quarter and revenue of $9.82 billion; both were better than expected.

Powering the Story: The company added 5.07 million subscribers in the quarter, which was better than expected. A big reason for that was a 35% increase in the advertising tier membership.

Stock Price: Netflix was already up 46% this year.

Early Bird’s Nest Egg Gains: Netflix grew its subscriber count in 2024 through several strategic initiatives.

• One of the primary drivers of Netflix's subscriber growth has been its crackdown on password sharing.

• Netflix has been expanding its content offerings to attract and retain subscribers.

Final Thoughts: Next year, Netflix will stop reporting subscriber data.

Notables

Notable Earnings Today: American Express (NYSE: AXP), Comerica (NYSE: CMA), SLB (NYSE: SLB), Procter & Gamble (NYSE: PG), Autoliv (NYS: ALV), Regions Financial (NYSE: RF), Fifth Third Bancorp (Nasdaq: FITB), Ally Financial (NYSE: ALLY), Simmons First National Corp (Nasdaq: SFNC), Acme United (NYSE American: ACU).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Reem's Falafel (Honeycomb), Misha's Cupcakes (Honeycomb), Green Alchemy (MicroVentures), House Pickleball (Republic).

Notable Economic Events Today: Building Permits (8:30 a.m. ET), Housing Starts (8:30 a.m. ET).

Intuitive Surgical Sales Surge

The impressive year for the robotic surgery product company Intuitive Surgical (Nasdaq: ISRG) continued on Thursday with strong financial results that sent shares up 6.13% in after-hours trading.

Financials: Intuitive Surgical reported earnings of $1.84 per share in the past quarter and revenue of $2.04 billion; both were better than expected.

Details: Overall revenue jumped 17% in the quarter. Worldwide procedures for its main product, called da Vinci, grew by 18%. The company also secured clearance in South Korea for its latest surgical system.

Quote: “Core measures of our business were healthy this quarter.” -Gary Guthart, CEO.

Final Thoughts: The stock was already up 43% this year.

Western Alliance Bancorporation Disappoints

Western Alliance Bancorporation (NYSE: WAL) fell 5.03% in after-hours trading on Thursday after posting mixed financial earnings results.

Financials: Western Alliance reported earnings of $1.80 per share in the past quarter, which was lower than expected. Revenue came in at $823.1 million, which was better than expected.

Final Thoughts: The stock was up 45% this year before these results.

Trends to Watch

Spreading Quickly: The ‘memecoin supercycle’ theory is converting crypto unbelievers (Cointelegraph)

Bitcoin Debate: Bitcoin Exchange Reserves Reach a 2-Year Low, But Analysts Disagree on Why (Decrypt)

Not Good Enough: China's economy grows 4.6% in Q3, keeping stimulus calls alive (Reuters)

Ad Game Refresh: Google Executive Overseeing Search and Advertising Leaves Role (Wall Street Journal)

Equity Crowdfunding Win: Otherweb raises $1.7M for news aggregation app (Axios)

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_{The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.}