Dow Jones futures edged lower overnight, while S&P 500 futures and Nasdaq futures rose slightly. Netflix (NFLX) earnings crushed views late Wednesday, while Dow Jones component IBM (IBM) sales fell yet again. Cronos Group (CRON) led several big marijuana stock movers overnight.
XNetflix stock surged, signaling a big move above its 50-day moving average. IBM stock sold off sharply. Cronos Group stock skyrocketed, while fellow marijuana stocks Canopy Growth (CGC), Aurora Cannabis (ACB) and Tilray (TLRY) also had solid gains.
Dow Jones Futures Today
Dow Jones futures fell 0.1% vs. fair value, hit by IBM stock. S&P 500 futures rose less than 0.1%. Nasdaq 100 futures climbed 0.2%, boosted by Netflix stock. Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Current Stock Market Rally
The current stock market rally held up well despite big losses in the software sector. The iShares Expanded Tech-Software Sector ETF (IGV) fell 2.3%. The Dow Jones Industrial Average fell 0.1%, the S&P 500 index 0.2% and the Nasdaq composite 0.3%.
The Dow Jones today remains above its 50-day line but is still not racing toward record highs. The same is truce of the S&P 500 index and Nasdaq.
Netflix Earnings
Netflix earnings rose 65% to $1.47 a share as revenue grew 31% to $5.25 billion. Analysts forecast Netflix earnings of $1.05 a share on sales of $5.25 billion.
At 6.77 million, Netflix subscriber growth slightly missed views. U.S. subscriber growth came in at just 517,000, but that followed Q2's first-ever domestic subscriber decline.
Netflix sees Q4 subscriber growth of 7.6 million, less than some forecasts. That includes a Netflix subscriber gain of 600,000 in the U.S, even with Apple launching Apple TV+ on Nov. 1 and Disney debuting Disney+ on Nov. 12.
Netflix Stock
Netflix stock surged 9.9% overnight. Shares rose 0.7% to 286.28 on Wednesday but hit resistance at their 50-day line. Netflix stock is still close to late September's 2019 low of 252.28, when its relative strength line hit its worst levels since January 2018.
IBM Earnings
IBM earnings fell 22% vs. a year earlier to $2.68 a share. Revenue slid 4% to $18.03 billion, the fifth straight decline. Analysts expected IBM earnings of $2.66 a share on revenue of $18.23 billion.
IBM stock dropped 5.2% overnight. Shares dipped 0.6% to 142.11 on Tuesday. IBM stock has a 147.45 cup-with-handle buy point. But the RS line for IBM stock has been lagging since early 2012.
Marijuana Stocks Soar
Cronos Group stock shot up 23% overnight. Shares have risen for the past three sessions after hitting a 2019 low intraday Monday. Canopy Growth stock climbed 4.3% late, with Aurora Cannabis stock 5.5% and Tilray stock 3.5%.
There was no apparent news for the move in marijuana stocks. It could be a short squeeze after cannabis stock have plunged in recent weeks.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-netflix-earnings-marijuana-stocks-cronos-group-ibm/
2019-10-17 02:49:31Z
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