Investing.com - Netflix led tech on higher on Wednesday, as Wall Street expressed optimism about the streaming giant's subscriber growth in the coming year.
Netflix (NASDAQ:NFLX) is set to record more growth in its subscriber numbers, despite rising competition from Disney and Amazon, Pivotal Research Group said in an outlook note. Netflix shares rose more than 5%.
Facebook (NASDAQ:FB) rose more than 3% on expectations for a possible shakeup in management as Pivotal said it was "difficult to imagine" the social media giant's board will allow a status quo for the chairman, CEO and COO roles, especially as "regulatory scrutiny around the world escalates over the course of 2019."
Facebook has come under fire recently, with many calling for a change in management as numerous data security issues and scandals have weighed on its shares, which are down 21% so far this year.
Apple (NASDAQ:AAPL) climbed 1.5% shrugging off a bearish call from Macquarie flagging services growth as weak spot for tech giant.
Services, which include the Apple's App Store, Licensing, and Apple Care will slow in the coming quarters, Macquarie analyst Benjamin Schachter said, citing "tough comps and other issues impact growth rates.”
The bank cut its price target on Apple to $188 per share from $222.
The tech sector was up more than 2% in broad-based rally on Wall Street.