The top stock market news today will focus on the Netflix subscriber count, Netflix’s latest earnings report, and JPMorgan Chase’s weak quarterly results. As of the time of this writing, the Dow Jones Industrial Average, S&P 500, and Nasdaq all are higher. But there’s still plenty of news for investors to consider. Read on to discover what to pay attention to today. Occidental Petroleum expects its GPV to increase 35% in the current quarter.
Block’s latest quarterly earnings are above Wall Street’s estimates
After beating expectations last quarter, payments company Square has raised its share price by 25%. Its latest quarterly earnings are above expectations, and the stock price is up 25 percent to
$118. But what exactly made Block’s latest earnings beat Wall Street’s expectations? It posted earnings per share of $1.71, which topped analysts’ estimates of $1.66. The company also announced a $46.3 billion gross payment volume, up from $32 billion a year ago.
Netflix’s subscriber count will be the main highlight during its earnings call
One of the key metrics to watch during Netflix’s earnings call will be the number of new paid streaming subscribers added during the quarter. Analysts want to see at least 2.5 million new subscribers, and the company recently guided to that number in its most recent earnings report. The company is not yet able to share the exact number of new subscribers, but it has recently been more open about sharing subscriber numbers.
JPMorgan Chase’s earnings fell short of expectations
As expected, JPMorgan Chase’s first quarter earnings disappointed investors. The bank’s net income was below expectations at $2.63 per share, but it also said it would continue to see higher profits over the next several years. Analysts have predicted that the bank will earn $14.3 billion in 2021, but the first quarter results were less than that. This news hurt JPMorgan Chase’s stock price, but there are reasons for why it’s a good time to buy.
Occidental Petroleum’s GPV is expected to rise by 35% in the current quarter
Occidental Petroleum (OXY) is a major oil and gas company with exploration activities around the world. The company operates through three main segments: oil and gas, midstream, and marketing. Oil and gas activities include exploration, production, and refining of crude oil.
Midstream and marketing also includes gathering, transporting, and marketing petroleum products and natural gas. The company also owns and operates low-carbon ventures, recognizing the growing emphasis on reducing emissions.
Carvana is spending big to ensure that 80% of U.S. citizens live within 100 miles of one of its fulfilment centers
In an era when used car prices are rising at a rapid rate, it’s important that companies like Carvana stay on top of the game by spending heavily to reach their customers. The company is actively pursuing this strategy in response to rising competition and rising used car prices.
Carvana is attempting to combat the global semiconductor shortage that is hindering the auto industry, and increasing consumer and car prices. Considering that used vehicle sales will total
40.9 million units in 2021, it is aiming to reach these numbers even before prices go up even higher.