Markets End Mixed on Monday; Netflix Surges on Growth and Outlook (NFLX, JPM)
The major indices closed mostly flat on Monday after a slue of quarterly reports. The Nasdaq Composite was able to end with a slight gain, bumped up by Netflix's (NFLX) strong third-quarter revenue and Hasbro Inc.'s (HAS) results that beat expectations. McDonald's (MCD) dragged down the Dow with a missed sales report and shares fell 0.6% for the day. JPMorgan Chase (JPM) agreed tentatively to a $13 billion settlement regarding mortgage-backed securities investigations.
If the deal goes through, it will be the largest a banking company has ever paid to settle claims. Also on Monday it was reported that housing affordability fell to a five-year low and sales of previously owned homes dropped almost 2% in September. The US dollar made gains against both the euro and the Japanese yen. Tomorrow the government is scheduled to release nonfarm-payrolls data for September, one of the many reports delayed due to the government shutdown.
Word on the Street
- Sales of previously-owned homes fall 1.9%, affordability hits five-year low.
- Netflix (NFLX) surges over 10% on after-hour profit reports.
- The Fed doubles interest rates on overnight loans to boost demand.
- McDonald's (MCD) warns of a tough fourth quarter on flat global sales.
- Hasbro (HAS) tops estimates on the Street with third quarter results.
- Sales of business jets are expected to top $18 billion this year, 8% from last year.
- Google (GOOG) Hits $1,000 For the First Time in History.
Interesting Tidbits
- Shutdowns or policies - which hurts the economy more?
- How design has emerged as the new forcing function in business integration.
Published on Oct 21, 2013
By InvestorGuide Staff 