Netflix Shares Skyrocket
Netflix Inc (NFLX) reported Q1 earnings with a profit of $3 million, or 5 cents
a share, on revenue of $1.02 billion. Shares of the the video-streaming
technology company skyrocketed higher in after hour trading Monday, up over $43
or 25%. During Q1 of this year, Netflix said they added 3.05 million new
subscribers, to give it a worldwide total of more than 36 million. Netflix
forecasts earnings of 23 to 48 cents a share for Q2.
Amid a broad-based revenue decline, the world's largest seller of bulldozers,
excavators and wheel loaders has seen softer sales trends as demand from the
mining sector has weakened - maker of construction and mining equipment
Caterpillar Inc. (CAT), reported Q1 earnings fell 45%. CAT reported profit of
$880 million or $1.31 a share, down from $1.59 billion or $2.37 a share during
same period in 2012 and revenue decreased 17% to $13.21 billion. Chairman and
Chief Executive Doug Oberhelman said, "Caterpillar and our dealers usually add
inventory in the first quarter to prepare for higher end-user demand in the
spring and summer. In the first quarter of 2012, we added about $2 billion to
inventory, but this year, we cut inventory by about a half billion dollars.
Conditions in the world economy seem relatively stable, and we continue to
expect slow growth in 2013." CAT expects per-share earnings of $7 on revenue of
$57 billion to $61 billion for the year versus previous estimate from $7 to $9
and $60 billion to $68 billion.
For the 3rd straight session on Monday, gold futures finished above $1400 an
ounce, rebounding from recent losses. On the Comex division of the New York
Mercantile Exchange, June gold GCM3 added $25.60 or 1.8% to settle at $1,421.20
The Chicago Fed reported the national activity index swung to -0.23 from an
upwardly revised +0.76 in February, and the three-month moving average fell to
-0.01 from +0.12. The Chicago Fed index weighs 85 different economic indicators,
is designed so that readings above zero indicate the economy is growing above
average historical trends, and readings below zero indicate the economy is
running below-average trend growth.
The National Association of Realtors reported Monday that, existing-home sales
declined 0.6% in March, to an annually adjusted rate of 4.92 million, as
longer-term trends posted substantial gains, pointing to a continuing recovery.
During March, existing home sales were 10.3% higher than the same period in
2012. Median price for homes during March hit $184,300, up 11.8% from the same
period in 2012 for the largest year-over-year price growth since November 2005.
As distressed-home sales have decreased, sales of higher priced homes have seen
larger gains over the past year. During March, existing homes for sale
inventories rose 1.6% to 1.93 million.
Facing charges of using a weapon of mass destruction against persons and
property at the Boston Marathon, resulting in the death of three people,
injuries to more than 200 people, the Department of Justice filed charges today
against terrorist Dzhokhar A. Tsarnaev. Additionally, he is charged with one
count of malicious destruction of property by means of an explosive device
resulting in death. The captured terrorist could face the death penalty or
prison for live, upon conviction. He remains hospitalized and unable to speak,
with a gunshot wound to the throat. When captured, more than a half-dozen
homemade bombs were found in his possession. From his hospital room, the
terrorist had his initial court appearance today, responding to basic questions
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April 22, 2013