Stock Market Today, Jan. 13: Netflix Rises After HSBC Upgrade Sparks Optimism Ahead of Earnings
Tuesday’s action followed fresh analyst calls and ongoing merger chatter around Netflix. Investors are watching upcoming earnings guidance and any update on large content or M&A commitments.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) slipped 0.20% to 6,963, while the Nasdaq Composite (NASDAQINDEX:^IXIC) edged down 0.10% to 23,710. Within entertainment, industry peers Walt Disney (NYSE:DIS) and Amazon (NASDAQ:AMZN) were mixed. Disney edged 0.14% higher while Amazon shares dipped 1.57%. Investors are comparing their streaming strategies and content investments with Netflix’s positioning.
What this means for investors
Netflix has been in the mix to acquire Warner Bros. Discovery (NASDAQ:WBD) and now may be mulling amending its bid to an all-cash offer, according to reports.
Amid that uncertainty, HSBC (NYSE:HSBC) Global Research upgraded shares after Netflix stock has plunged 27.5% over the past six months. The “strong buy” recommendation comes as the firm sees a rebound with catalysts coming this year, including the potential Warner Bros. acquisition. The company still seems to have the edge among competitive bids, as the Warner Bros. Discovery board continues to support the Netflix offer.
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Howard Smith has positions in Amazon and Walt Disney. The Motley Fool has positions in and recommends Amazon, Netflix, and Walt Disney. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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