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 18): The FBM KLCI was down on the first trading day after the Malaysia Day weekend, as local retail investors take a breather from the market.
At 5pm, the KLCI was 2.67 points or 0.15% lower compared to Friday's close, to settle at 1,783.66 points.
"Local retail investors are taking a break from the market. There isn't enough liquidity to keep in the market," Inter-Pacific Securities Sdn Bhd's head of research Pong Teng Siew told theedgemarkets.com.
Pong stressed that the lack of liquidity in the market, as seen by lower bank deposits, is a cue that the market will be range bound for now.
"I'm still quite positive on the market but with the lack of liquidity, retail investors will take profit now and then, which will cause the market to take periodic breaks," he added.
The KLCI saw some 1.99 billion shares worth some RM1.61 billion traded today. Losers outnumbered gainers by 457 to 406, while 366 counters were unchanged.
United Plantations Bhd topped the gainers list, closing 1.48% higher at RM27.40, while Panasonic Manufacturing Malaysia Bhd led the decliners as it fell 4.87% to close at RM37.48. Sino Hua-An International Bhd was the most active counter, with over 99.7 million shares traded as it closed higher by 8.51% at 25.5 sen.
Meanwhile, Reuters reported that a surge in technology stocks helped lift Asian bourses to decade highs and emerging market shares to three-year highs on Monday, tracking gains in developed markets.
"The gains came after new closing highs on Wall Street on Friday, with the Nasdaq setting an intraday record. This fueled an appetite for Asian technology firms, with Samsung Electronics up over 4% to a record high and chip maker SK Hynix up 3.2%," it said.
Across Asia, Hong Kong's Hang Seng Index closed 1.27% higher and South Korea's Kospi gained 1.35%. The MSCI AC Asia Pacific was up 0.05%, with Asian shares ex-Japan up just over 1% to highs not seen since late 2007. Markets in Japan are closed for the Respect-for-the-Aged Day holiday.
Source: The Edge
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