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 (Sept 29): The FBM KLCI fell 2.48 points or 0.1% as Hong Leong Financial Group Bhd and Public Bank Bhd dropped among Bursa Malaysia's top decliners on foreign selling.
TA Securities Holdings Bhd senior technical analyst Stephen Soo said there seemed to be selling pressure on Malaysian blue-chip stocks on US interest rate hike and tax cut cues.
“The foreign selling (in Malaysian shares) happens because investors’ mood or sentiment is damaged by the (US) fed funds (rate) announcement, Soo told theedgemarkets.com. The US interest rate is also known as federal funds rate.
At Bursa Malaysia, the KLCI ended at 1,755.58 points at 5pm. The KLCI had earlier fallen sharply to its intraday low at 1,753 points on Hong Leong Financial and Public Bank share losses.
At 5pm, Hong Leong Financial fell 20 sen to close at RM16.60 while Public Bank dropped 14 sen to RM20.44 to become Bursa Malaysia's third and fourth largest decliners respectively.
Across Bursa Malaysia, there were 397 decliners versus 387 advancers. A total of 2.02 billion shares worth RM2.13 billion were traded.
The most active stocks included CIMB Group Holdings Bhd, which rose three sen to RM6.30 with some 23 million shares transacted. CIMB was the 10th most active stock on Bursa Malaysia.
Source: The Edge
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