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Stock Markets Around the World in Red on Top of Netflix, Ericcson Earnings

GuruFocus.com

- By Omar Venerio

In Tuesday trading, the markets are slightly in red, but shares of Netflix Inc. (NFLX) rose almost 10% in the pre-market trading session as the company reported better-than-expected sales for its second quarter. Revenue of $2.79 billion beat expectations by $30 million. The company added more than 1 million new subscribers in the U.S. and more than 4.1 million in international markets. The company slightly missed earnings estimates by one cent.


The second-quarter earnings season started last Friday with three of the big banks. Today, Bank of America (BAC), Goldman Sachs (GS), Harley-Davidson (HOG), International Business Machines (IBM), Lockheed Martin (LMT) and United Continental (UAL), among others, are reporting quarterly results.

Morning movers

LM Ericsson B ADR (ERIC), Bank of America, Advanced Micro Devices (AMD), Netflix, Nokia Corp. (NOK), Viper Energy Partners (VNOM), Rite Aid (RAD), ArcelorMittal ADR (MT) and Harley-Davidson.

Top gainers

Capricor Thereapeutics Inc. (CAPR), Prana Biotechnology (PRAN), Everspin Technologies (MRAM), Moleculin Biotech (MBRX) and Cleantech Solutions International (CLNT).

Top losers

ImmunoCellular Therapeutics (IMUC), Vornado Realty Trust (VNO), Tile Shop Holdings (TTS), LM Ericsson and Rand Logistics (RLOG).

Europe

The main exchanges in Europe are closing in red on the back of a series of poor results from major companies like Ericsson and Lufthansa (XTER:LHA). Ericsson reported a loss for the quarter ended June 30 of 1.01 billion Swedish krona ($122 million) and missed expectations for a loss of 511 million krona. Further, revenue was down 7.7% at 49.9 billion krona due to lower demand around the world. The FTSE 100, DAX, CAC 40 and IBEX 35 closed down around -0.06%, -1.38% and -0.85%, respectively.

Disclosure: The author holds no position in any stock mentioned.

This article first appeared on GuruFocus.


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