Pedestrians stand in front of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, March 13, 2020.
Mark Kauzlarich | Bloomberg | Getty Images
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8:08 am: Chipotle rallies 6% as digital sales surge 81% amid virus outbreak
7:58 am: Wall Street analysts see more upside in Netflix after the company’s earnings report
The streaming giant surpassed analyst expectations for the first quarter reporting almost 16 million subscribers for the first quarter on Tuesday after the bell. ”While the stock has outperformed the rest of our coverage universe this year and throughout the COVID-19 crisis, we believe the outperformance is justified given Netflix’s unique position of being exposed to secular growth that is accelerating as a result of worldwide stay-at-home orders,” Deutsche Bank said.
The feeling was similar at Canaccord. “We are raising our subscriber and revenue estimates again, and while there could be some near-term pull-forward of subscriber additions, we think over time Netflix is well-positioned as the global streaming entertainment leader, continuing to take share from linear TV.” Shares of the stock are down 1.65% in premarket trading. — Bloom
7:54 am: Netflix down 1.4% after conservative Q2 subscriber guidance
Shares of Netflix fell 1.4% in premarket trading Wednesday despite a sizable jump in subscribers in the first quarter. Though the streaming giant said it added more than double the number of paid net subscribers expected for the first quarter at 15.8 million, Netflix cautioned that its forecast for the second quarter is a far thinner 7.5 million net adds as governments start to relax stay-at-home orders. “The actual Q2 numbers could end up well below or well above that, depending on many factors including when people can go back to their social lives in various countries and how much people take a break from television after the lockdown,” the company said Tuesday. — Franck