Netflix (NFLX) shares surged more than 9% in pre-market trading following a strong fourth-quarter earnings report that exceeded subscriber growth expectations. The streaming giant added over 13 million new subscribers, bringing its total count to a record 260.8 million. The company's revenue also surpassed analyst estimates, contributing to the positive sentiment around the stock.
AT&T (T) shares, however, dipped more than 4% as the company provided a 2024 profit forecast that fell short of Wall Street expectations. The telecom giant cited factors such as accelerated depreciation of its open radio access network and lower adjusted equity from its investment in DIRECTV. Despite this, AT&T expects wireless service revenue growth to be around 3% and broadband growth to be approximately 7%.
Abbott Laboratories (ABT) reported mixed results for the fourth quarter of 2023, with revenue slightly above expectations driven by its Medical Devices business. The company's adjusted earnings per share met consensus estimates. Abbott's Medical Devices segment, particularly its glucose monitoring device FreeStyle Libre, showed strong growth, while other segments lagged behind expectations.
Freeport-McMoRan (FCX) released its fourth-quarter earnings, reporting Non-GAAP EPS that beat estimates and revenue that showed a slight year-over-year increase. The company's consolidated sales included significant amounts of copper, gold, and molybdenum. Freeport-McMoRan also provided projections for its 2024 consolidated sales.
Biogen (BIIB) traded lower after UBS downgraded the stock to Neutral from Buy, citing a slower-than-expected uptake for its Alzheimer's treatment, Leqembi. UBS analyst Colin Bristow revised sales estimates for Leqembi below consensus and adjusted Biogen's price target accordingly.
Health insurer Elevance Health (ELV) saw its shares rise pre-market after reporting fourth-quarter financials that beat consensus and provided a 2024 guidance ahead of Wall Street forecasts. The company also raised its quarterly dividend and reported growth in its pharmacy product revenue.
Tesla (TSLA) is gearing up to start production of a new electric vehicle model aimed at the mass market, with production expected to begin as early as 2025. The new model, codenamed "Redwood," is anticipated to be a compact crossover with a production target of 10,000 vehicles per week.
Boeing (BA) faced increased scrutiny after a Delta Air Lines (DAL) 757 jet lost a nose wheel during takeoff at Atlanta's international airport. The incident is under investigation by the FAA, which comes after a series of other concerns with Boeing aircraft, including a 737 MAX 9 jet that had to make an emergency landing due to a door plug falling off.
Copper prices in London hit a three-week high, driven by supply concerns and stimulus measures from China. The rise in copper prices also affected related stocks, including Freeport-McMoRan (FCX) and Southern Copper (SCCO), as investors anticipate increased demand for the metal.
FICO (FICO) announced a stock repurchase program of up to $500 million, signaling confidence in the company's financial health and future prospects.
PagerDuty (PD) was downgraded by Morgan Stanley due to concerns over its top-line growth, despite the company delivering on profitability targets.
NFLX, T, ABT, FCX, BIIB, ELV, TSLA, BA, FICO, PD
