Netflix Slumps in Premarket; Peloton Recovers After Production Report Shock By Investing.com

Netflix Slumps in Premarket; Peloton Recovers After Production Report Shock

Stock MarketsJan 21, 2022 08:51AM ET

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Netflix Slumps in Premarket; Peloton Recovers After Production Report Shock

By Geoffrey Smith

Investing.com -- Stocks in focus in premarket trading on Friday, 21st Januarly. Please refresh for updates.

Netflix (NASDAQ:NFLX) stock fell 19.5% after the streaming giant missed its target for subscriber growth in the fourth quarter and said that the trend would slow more sharply in the current quarter. The stock is set to open at its lowest level since April 2020.
Peloton (NASDAQ:PTON) stock rose 5.4% after plunging by 25% on Thursday in response to reports that it is planning to stop production of its exercise bikes and treadmills temporarily, due to a slump in demand for home workouts now that the pandemic is fading.
Coinbase (NASDAQ:COIN) stock fell 5.6% as the suite of cryptocurrencies tradeable on its exchange plummeted in value due to the surge in global risk aversion. MicroStrategy (NASDAQ:MSTR) stock fell 7.2% on similar concerns.
Intel (NASDAQ:INTC) stock fell 0.2% after the company confirmed it plans to build a $20 billion chipmaking plant in Ohio. The move reflects both a desire to shorten supply chains, and confidence in the outlook for chip demand in future, thanks to broad digitization trends.
Vestas Wind Systems fell 4.2% in collateral damage from a profit warning by its biggest western competitor, Siemens Energy (DE:ENR1n) (whose stock fell 14% in German trading). Siemens said it’s struggling to pass higher input costs on to customers. General Electric (NYSE:GE), which also has a substantial wind turbine business, fell 0.6%.
TotalEnergies ADRs (NYSE:TTE) fell 1.3% and Chevron (NYSE:CVX) stock fell 0.8% after the two companies announced they will withdraw from Myanmar, citing the political climate and deteriorating humanitarian position. The news comes only a week after Chevron’s operations in politically exposed jurisdictions came under a harsh spotlight in Kazakhstan.
Schlumberger (NYSE:SLB) stock fell 1.2% as traders used the oilfield services giant's fourth-quarter report to book profits on a rally of more than 20% since the start of the year. The company's earnings and revenue both beat expectations comfortably but there was disappointment at the company's decision not to raise its dividend.

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Comments (1)

Mitchel Pioneer Jan 21, 2022 9:01AM ET

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Pre-market manipulation still in full swing. Welcome to fraudulent Friday.

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