Market indexes broke losing streaks across the board on Tuesday, with hopes for a new stimulus package passing through Congress still alight two weeks to the day ahead of the long-awaited General Election on November 3rd. The S&P 500 led the way, up 0.47% or 16.22 points, followed by the Dow +0.40% or 113 points. The Nasdaq, breaking a 5-day streak of lower closes, rose 0.33% or 37.51 points. The Russell 2000 saw small-cap names up 0.25% overall today. Immediately after the closing bell, Netflix (shares have fallen 6% on a disappointing Q3 earnings report. While the headline numbers were mixed — $1.74 per share missed the Zacks consensus $2.13 (though was up from $1.47 per share a year ago), though sales in the quarter came in at $6.44 billion, ahead of the $6.39 billion expected — net subscription adds were a big disappointment. Whereas a quarter ago Netflix surprised to the upside with 10 million new subscribers, the company brought in 2.2 million in Q3, well below the 3.3 million anticipated. NFLX Quick Quote NFLX - Free Report) Paid subscribers overall are now 195 million, a tad below expectations, as we see the boon from “shelter in place” pandemic initiatives exiting the Netflix story in the past quarter. Engagement per member household is up year over year, and clearly this is a company still moving in the right direction overall, albeit more slowly (revenue guidance for next quarter also dipped a bit). Netflix had not missed an earnings projection since Q3 2017 — three full years ago. For more on NFLX’s earnings, click here. On the other side of Q3, Snap Inc. (shares are up 17% in late-market trading after its Q3 report was far better than expected. Swinging to earnings of $0.01 per share from estimates of -$0.06, on revenues of $679 million blowing the doors off the $551 million in the Zacks consensus, +52% year over year, were also positive catalysts. The company added 11 million Daily Active Users (DAU) in Q3, and the social media staple new predicts Q4 revenues up as much as 50%. SNAP Quick Quote SNAP - Free Report) For more on SNAP’s earnings, click here. Texas Instruments (joins the parade of Q3 surprises Tuesday afternoon, beating expectations on both top and bottom lines: $1.45 per share on $3.82 billion in revenues easily outpaced the $1.26 per share and $3.43 billion in sales expected. Guidance for next quarter was increased to earnings of $1.20-1.40 and revenues of $3.41-3.69 billion. Shares are up 1% in late trading, approaching the company’s all-time high share price reached just last week. TXN Quick Quote TXN - Free Report) For more on TXN’s earnings, click here. Questions or comments about this article and/or its author? Click here>> Zacks’ Single Best Pick to Double From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all. With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan. The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
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