NFLX
The streaming giant’s shares are up 4% in the morning trading session after an analyst upgraded the company’s share to a buy. Wall Street has recently started becoming more bullish on the company after its post-pandemic induced drawdown in share price. Analysts are also more optimistic about Netflix’s new advertisement tier offering.
ADBE
The application software company’s shares were down as much as 15% after it reported that it would be paying $20 billion to purchase design-collaboration company Figma. The company also reported its third quarter results which broadly beat expectations but provided a light fourth quarter revenue outlook. Investors were concerned by the high price Adobe would be paying for Figma, especially given the pull-back in technology company valuations.
VOD
Vodafone Group shares were jumping by as much as 5% after Bloomberg reported that private equity firms were competing for a stake in the company’s wireless towers unit. KKR and Global Infrastructure Partners were vying for the high cash-generating business of cell-phone towers that provide predictable and consistent profits. European telecom companies have been selling off infrastructure assets such as towers to fund costly fiber-optic and wireless network rollouts.
HUM
Humana, the managed health-care company, was the biggest gainer in the S&P 500 in the morning trading session as shares soared by 9% after the company boosted its adjusted earnings per share guidance for fiscal year 2023 and introduced an aggressive target for fiscal 2025. The company now expects to earn around $25 per share in the current year as the pandemic induced headwinds dissipate. The company also plans to earn $37 per share, an increase of almost 50% in 2 years, by 2025.
SHEL
The oil and gas giant’s shares were off by 2% after Chief Executive Officer Ben van Beurden announced that he would retire by year-end and would be replaced by the head of the company’s renewables business, Wael Sawan. Energy stocks were down across the board as well after Brent crude declined by 4% on worries of the weakening macro-economic picture and strengthening U.S. dollar. Natural gas futures were also trading down sharply.
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