9:05am (EST)
The bulls tried to carry the torch for another day but came across the finish line stumbling as the market ended Wednesday’s session flat.
The Dow managed a strong start but struggled in the afternoon before ending with an 8 point gain to close at 11,124. The index hit an intra-day high of 11,217 which was higher than where we were before last Friday’s 125 point drop.
The Nasdaq also finished in the green as it added 4 points to settle at 2,504. The S&P 500 wasn’t as fortunate as it fell a little over a point and finished at 1,205. Overall, it was a win for the bulls as both indexes held the 1,200 and 2,500 levels, respectively.
Netflix (NFLX, $86.98, down $0.09) posted higher results last night after the close, beating Wall Street’s expectations by five cents.
The company reported a profit of $32 million, or $0.59 a share, versus $22 million, or $0.37 a share, in the year earlier period. Netflix said revenue came in at $494 million, up 25% from $394 million in the year-earlier quarter.
Wall Street had expected the company to report earnings of 54 cents on revenue of $493 million.
Shares were volatile in after-hours trading last night but are showing a little pop this morning as they are trading near $90. We are close to hitting the $100 price target we set for the stock back in November but we aren’t sure if we will get there today.
Futures are pointing towards a lower opening this morning as the Dow futures are off 42 points to 11,017 while the S&P 500 futures are down by 6 to 1,194. The Nasdaq 100 futures are at 2,103, down 13 points.
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