Major indices down for the second straight day

It's not a good start to the week as the major indices closed for the second straight day.

  • S&P index fell -28.3 to points or my 0.68% at 4134.93
  • NASDAQ index fell -128.49 points or -0.92% at 13786.27
  • Dow -256.27 points or -0.75% at 33821.36

After the close Netflix recorded first-quarter numbers including

  • EPS of $3.75 versus an estimate of $2.98.
  • Revenues came in at $7.16 billion versus estimate $7.14 billion
  • streaming paid net change 3.98 million versus 6.929 estimate
  • sees second-quarter streaming paid net change of 1 million versus estimate 4.44 million
  • sees second-quarter EPS of $3.16 versus estimate of $2.67
  • Netflix to repurchase up to $5 billion of common stock beginning in 2021
  • first-quarter streaming paid memberships 207.6 million versus estimate 210 million
  • Sees fiscal year operating margin of 20% versus 20.3% estimate

Netflix says that the pull forward from the Covid will impact new subscriber adds.

The stock is down -9.38% or $-52 at $497 in after-hours trading.