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 slid 20.55 points or 1.22% as investors sold banking shares on expectations that Bank Negara Malaysia may cut interest rates amid lower domestic consumer prices. Plantation and glove manufacturers' shares also fell as the ringgit strengthened.
At 5pm, the KLCI settled at 1,663.66. Among the 30 KLCI stocks, worst hit, in percentage terms, was AMMB Holdings Bhd followed by PPB Group Bhd and Top Glove Corp Bhd.
AMMB closed down 14 sen or 3.04% at RM4.47, PPB fell 50 sen or 2.73% to RM17.82 while Top Glove dropped 12 sen or 2.62% to RM4.46. The ringgit strengthened to 4.0610 against the US dollar at the time of writing after appreciating to its strongest intraday level at 4.0545 following the US' announcement of a more dovish monetary stance.
Reuters reported that the US Federal Reserve's new projection knocked the number of interest rate hikes expected this year to zero from the two forecast in December in the face of an apparent jump in economic risks
.
In Malaysia, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com: “Notable decliners were banking heavyweights, on expectations that Bank Negara may adopt an easing monetary policy, by trimming its overnight policy rate to combat the slowdown in Malaysia’s economic growth.”
Plantation shares fell due to expectation that a firmer ringgit will
make Malaysian palm oil more expensive in world markets. Export-based
glove manufacturers' shares dropped as a stronger ringgit means these
companies' US dollar-based earnings will be less in ringgit terms.
The Malaysian stock market's performance is also closely watched ahead of the country's February inflation data release after January data showed prices fell into deflationary territory for the first time since November 2009.
February inflation data, as measured by the consumer price index (CPI), is scheduled for release tomorrow (March 22), according to the Statistics Department's website.
Source: The Edge
The Malaysian stock market's performance is also closely watched ahead of the country's February inflation data release after January data showed prices fell into deflationary territory for the first time since November 2009.
February inflation data, as measured by the consumer price index (CPI), is scheduled for release tomorrow (March 22), according to the Statistics Department's website.
Source: The Edge
Comments
Post a Comment