The S&P 500 rose 1.7 percent between Friday, November 27, and Friday, December 4. It was the index’s fourth gain in the last five weeks. Other key benchmarks including the Dow Jones Industrial Average, Nasdaq-100, Russell 2000 and Dow Jones Transportation Average also closed at record highs.
Cisco Systems (CSCO), Take-Two Interactive Software (TTWO) and Booking (BKNG), and JD.com (JD) all rallied after reporting quarterly numbers. Some beat consensus, others lagged. Regardless, investors found something to like.
Yesterday’s private-sector payrolls report from ADP showed the industry adding 49,000 jobs in April. That translated into a 0.66 percent increase overall — triple the broader total. It followed a string of increases going back more than two years.
Pinterest (PINS) announced yesterday it would issue 75 million shares for $15-17 each. Based on its 529 million share count, that translates into an overall valuation of $7.9 billion to $8.9 billion. The number immediately raised eyebrows because PINS was valued around $12 billion in the private market 22 months ago.
Alphabet (GOOGL) announced it will use the actively traded company’s chips in its new Stadia cloud-based video-game service. That could make AMD a key player in a fast-growing pastime already drawing millions of daily views.
Early leader Tilray (TLRY)
might have fallen asleep after a blistering rally in September, but others have lit up more recently. Aurora Cannabis (ACB) glowed green today, ripping 12 percent to a five-month high.
The NYSE FANG+ index ($NYFANG)
is up 2.7 percent in afternoon trading, its biggest gain since late January. That’s driving a big rally in the Nasdaq-100. Meanwhile the Nasdaq-100’s volatility index ($VXN.X) is crashing as fear leaves the market.
Netflix Earnings – International revenues exceed U.S. with over 139 million paid memberships worldwide
Netflix increased annual revenue 35% to $16 billion in 2018 and nearly doubled operating income to $1.6 billion with an operating profit margin of 10%.