Why Netflix Shares Are Trading Higher By 10%; Here Are 20 Stocks Moving Premarket
Portfolio Pulse from Avi Kapoor
Netflix, Inc. (NASDAQ:NFLX) shares rose by 10.2% in pre-market trading after reporting Q4 revenue of $8.83 billion, surpassing the consensus estimate of $8.72 billion, despite missing EPS estimates. The company added 13.12 million net paid subscribers in Q4. Other stocks also moved in pre-market trading, with notable gainers including Getaround, Inc. (NYSE:GETR), Evaxion Biotech A/S (NASDAQ:EVAX), and Zoomcar Holdings, Inc. (NASDAQ:ZCAR), while Meta Materials Inc. (NASDAQ:MMAT) and BlackBerry Limited (NYSE:BB) were among the losers.
January 24, 2024 | 1:14 pm
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NEGATIVE IMPACT
BlackBerry Limited's shares fell 11% in pre-market trading following the announcement of a proposed private offering of $160 million of convertible senior notes.
The announcement of issuing convertible senior notes may dilute existing shareholders and indicates a need for financing, which can be perceived negatively by the market.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
NEGATIVE IMPACT
Meta Materials announced a 1-for-100 reverse stock split, leading to a 16.2% drop in pre-market trading.
Reverse stock splits are often viewed negatively as they can be indicative of a company trying to meet exchange listing requirements, which may concern investors.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Evaxion Biotech's shares rose 43.2% in pre-market trading after a 13G filing revealed an 11.4% stake by Merck & Co.
The acquisition of a significant stake by a major company like Merck & Co is a strong vote of confidence in EVAX, prompting a positive market reaction.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Getaround, Inc. announced a new debt facility with Mudrick Capital Management, causing its shares to gain 50.7% in pre-market trading.
The announcement of a new debt facility is a positive financial development for GETR, likely contributing to investor confidence and the stock's short-term rise.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Netflix reported higher-than-expected Q4 sales, leading to a 10.2% increase in pre-market trading, despite an EPS miss.
The positive revenue report and significant subscriber growth are likely to outweigh the slight miss in EPS in the short term, leading to a bullish outlook for NFLX.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100