Investors brace for one of the busiest weeks of the earnings season ahead.
It was a week of big gains for investors as the S&P 500 posted its best weekly gains in almost four months and the Dow ended higher for the third straight week. Looking ahead is the big earnings week as tech giants and oil behemoths report their quarterly results.
Top Stories
- Netflix adds 2.41 million subscribers
- IBM tops market expectations
- AT&T raises profit guidance
Netflix adds 2.41 million subscribers
Streaming giant Netflix (NFLX) added 2.41 million net subscribers in the third quarter and surpassed analyst expectations on the top and bottom lines. The stock gained 13% after reporting upbeat results.
Snap Summary
- Analyst rating: Cowen & Co analyst rates Netflix stock “Buy” with a $340 price target.
- Future outlook: Netflix will roll out its password-sharing crackdown next year.
IBM tops market expectations
Technology conglomerate IBM (IBM) reported third-quarter earnings that topped market estimates and lifted its annual revenue guidance for 2022. IBM shares rose nearly 5% on the outlook upgrade.
Snap Summary
- Analyst rating: Credit Suisse analyst rates IBM stock “Buy” with a $155 price target.
- Future outlook: IBM expects to surpass its full-year revenue target on strong cloud demand
AT&T raises profit guidance
Wireless carrier AT&T (T) hiked its full-year profit guidance after its third-quarter results beat Wall Street expectations. With more Americans undertaking international travel, demand for roaming and wireless services has shot up. AT&T shares gained about 8% on the positive news.
Snap Summary
- Analyst rating: Truist Financial analyst rates AT&T stock “Buy” with a $21 price target.
- Future outlook: AT&T expects to pay off about $134 billion in debt with the help of rising demand for pricier plans.
