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Netflix third quarter surprises doubters

Tuesday, October 18, 2016 - 01:19

After the bell Monday, video streaming website Netflix blew past estimates for Q3 profit and subscribers. Jeanne Yurman reports.

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After the bell Netflix's third quarter subscriber growth and profit blew past forecasts diluting concerns about the video streaming website. Stocks edged lower as the price of oil fell and Wall Street waits for third quarter earnings and clarity on Fed moves. Though Phil Bak of ACSI Funds says near term policy action is priced in. (SOUNDBITE) PHIL BAK, CEO, ASCI FUNDS, (ENGLISH) SAYING: "The current rate expectations are priced into the market. We don't think negative rates are on the horizon. We think we are closer to an inflationary environment that negative rates but we're watching closely." Bank of America, the nation's second largest bank, reported its first profit increase in three quarters. This thanks to a surge in bond trading and cost-cutting. Hasbro was a big gainer after the toymaker turned in both quarterly profit and sales numbers that beat Street forecasts. And PepsiCo is joining other food and beverage companies recently, announced new targets for cutting down the amount of sugar, salt, and fat in its products by 2025. Meanwhile U.S. industrial production barely rose in September given weak demand for utilities. In Europe, shares fell on lackluster business updates from companies reporting quarterly results.

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Netflix third quarter surprises doubters

Tuesday, October 18, 2016 - 01:19