April 20, 2022
Good morning,
The headline news item this morning is Netflix earnings – they missed. It’s not every day that you see a $300 billion market-cap company lose over half its value in less than 6 months. It’s also interesting to see one of the FAANG growth favorites appears to have stopped growing, even though we shouldn’t make sweeping conclusions from a single quarterly report.
Maybe not exactly a canary in the coal mine signal, but I think its nevertheless impressive that equity Futures have shrugged off the NFLX news, and its implications. Futures are up half a percent leading into the open of the cash market.
Other than that short-term spectacle, there is not anything new to say about the longer-term trend. I suspect the market is range bound (trendless as I mentioned Monday), and maybe this morning’s strength is a follow on to yesterday’s rally toward the upper end of its range. We’ll see.
Be well,
Mike
Robertson Stephens paid no fee to obtain recognition but has paid licensing fees to reference its appearances on the Newsweek, USA Today, and FA Magazine rankings lists. See Awards Disclosures
