Netflix shares fell more than 8% in after-hours trading , as a disappointing second-quarter outlook and leadership changes outweighed otherwise solid first-quarter results. Weak Guidance Sparks Sell-Off Netflix forecast Q2 earnings of US$0.78 per share , below analyst expectations of US$0.84 , while revenue is projected at US$12.57 billion , missing the US$12.64 billion consensus . The weaker guidance raised concerns over near-term growth momentum , triggering a sharp negative market reaction. Strong Q1 Performance Fails to Impress For the first quarter: Revenue rose 16% YoY to US$12.25 billion (above estimates) Earnings surged 86% to US$1.23 per share However, earnings were boosted by a US$2.8 billion one-off termination fee , reducing the quality of underlying growth. Operating margin improved to 32.3% , but still came in below expectations (32.4%) , further dampening sentiment. Rising Costs and Strategic Sh...
KUALA LUMPUR (March 21): The FBM KLCI rose 5.26 points or 0.3% on late buying of index-linked plantation entities Kuala Lumpur Kepong Bhd (KLK) and IOI Corp Bhd shares. The KLCI had also tracked Asian share gains.
At 5pm, the KLCI closed at 1,754.67 points after falling to its intraday low at 1,748.82 point during its final trading minutes. KLK shares added two sen to RM24.82 while IOI Corp rose two sen to RM4.70.
KLK and IOI Corp shares had earlier fallen with lower crude palm oil prices as a stronger ringgit versus the US dollar made the commodity more expensive for foreign buyers. At 5.37pm, the exchange rate was at 4.4255.
Reuters reported that benchmark palm oil futures for June delivery on the Bursa Malaysia Derivatives Exchange were down 0.3 percent at RM2,772 (US$626.16) a tonne at the midday break. Palm also tracks the movement of other related vegetable oils as they compete for a share in the global edible oils market.
In Malaysia, analysts told theedgemarkets.com the stock market had gained on foreign buying. “The trading volume is still high today, though it is lower compared with yesterday’s trading volume of about six billion shares. I think the trading is also supported by positive sentiment on news that foreign investors are buying,” Mercury Securities Sdn Bhd research head Edmund Tham said.
"If investors are banking on election play, they should focus on government-linked counters as well as construction counters," Tham said.
Across Bursa Malaysia, 4.58 billion shares worth RM3.29 billion were traded. Gainers beat decliners by 496 versus 477 respectively. Yesterday, the trading volume was 6.02 billion shares.
Today, Malaysian shares had also tracked Asian equity gains. Hong Kong’s Hang Seng rose 0.37% while South Korea’s Kospi was 0.99% higher.
Reuters reported that Asian shares hit 21-month highs on Tuesday while the dollar and US bond yields were on the back foot on the prospect of a less-hawkish Federal Reserve policy trajectory.
Source: The Edge
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