Dow Jones Leads Weekly Gains As Tesla, Netflix Sell-Offs Dent Nasdaq; Big Banks Show Resilience To Volatility
Portfolio Pulse from Natan Ponieman
The Dow Jones marked a 10-day winning streak, driven by positive quarterly results from defensive stocks. The Nasdaq Composite, however, was down 0.42% due to disappointing results from Netflix and Tesla. Tesla's stock fell almost 10% after CEO Elon Musk's conference call failed to provide key details about future developments. Netflix's shares also fell despite better-than-expected earnings per share. Major banks, including Bank of America, Morgan Stanley, and Charles Schwab, showed resilience with positive quarterly results. ExxonMobil announced plans to mine lithium, indicating a diversification into the EV industry. The $69 billion merger of Microsoft and Activision Blizzard moved forward after the FTC paused an antitrust lawsuit.
July 21, 2023 | 8:12 pm
News sentiment analysis
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NEGATIVE IMPACT
Netflix's shares fell despite better-than-expected earnings per share due to missed revenue estimates.
Netflix's missed revenue estimates led to a decrease in its stock price. The company's crackdown on account sharing, which led to the opening of almost 6 million new accounts, was not enough to offset the missed revenue estimates.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Tesla's stock fell almost 10% after CEO Elon Musk's conference call failed to provide key details about future developments.
Investors were disappointed with Elon Musk's conference call, which lacked specific details about key future developments, such as the launch date for the Cybertruck. This led to a decrease in Tesla's stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 95
POSITIVE IMPACT
Bank of America's shares are up 8.2% weekly as the company's results beat consensus estimates from analysts.
Bank of America's positive quarterly results, which beat consensus estimates from analysts, led to an increase in its stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
Morgan Stanley's shares are up 9.8% on the week after also beating estimates.
Morgan Stanley's positive quarterly results, which beat estimates, led to an increase in its stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
The $69 billion merger of Microsoft and Activision Blizzard moved forward after the FTC paused an antitrust lawsuit.
The FTC's decision to pause an antitrust lawsuit that was blocking the merger of Microsoft and Activision Blizzard could potentially increase Microsoft's stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
Charles Schwab's stock climbed 13.5% on a weekly basis after its best trading session in three years.
Charles Schwab's stock price increased after the bank had its best trading session in three years.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
ExxonMobil announced plans to mine lithium, indicating a diversification into the EV industry.
ExxonMobil's announcement of plans to mine lithium, a key component in electric car batteries, indicates a diversification into the EV industry, which could potentially increase its stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85