Netflix gets its most bullish call on the Street
Two firms issued bullish calls on Netflix (NFLX). JPMorgan thinks shares are heading to $225, while Goldman Sachs boosted its price target by $35 to $235, the highest level on Wall Street. Goldman analyst Heath Terry thinks analysts are underestimating the number of subscribers Netflix will add. Terry expects Netflix to gain 13.9 millions net subscribers in the second half of the year, compared to the Street’s estimate for 10.8 million. He also thinks Netflix will gain traction globally, estimating that it’ll reach 130 million international subscribers by 2020. Netflix is scheduled to report earnings after the bell Monday, October 16.
Wells Fargo reports disappointing revenue
Wells Fargo (WFC) posted mixed earnings ahead of the bell Friday, reporting earnings that topped Wall Street expectations but revenue fell short. The bank delivered adjusted earnings of $1.04 per share, a penny better than analysts’ expectations, on revenue of $21.93 billion, missing analysts’ forecast for $22.4 billion. The bank’s results were weighed down by a $1 billion charge for previously disclosed regulatory investigations. Wells Fargo shares were last trading down 2.9% at $53.61 a share.
Bank of America tops earnings expectations
Bank of America (BAC) reported earnings per share of 48 cents on revenue of $22.08 billion, topping analysts’ expectations for a profit of 45 cents and sales of $21.98 billion. But it wasn’t all good news for the bank. The company said its bond trading revenue fell 22% during the quarter to $2.15 billion, down from $2.65 billion a year ago.
Facebook users can now order food through the social media platform
Facebook (FB) users will now be able to order food for pick-up or delivery directly through its app or website. The company said in a blog post that it has teamed up with food ordering services including EatStreet, Delivery.com, DoorDash, ChowNow and Olo, as well as restaurants like Jack in the Box, Five Guys, Papa John’s, and Panera. Facebook shares were last trading up 0.8% at $173.96 a share.