Stock Market Today: Market Buoyant on Bank Results
Dow Jones Set to March Higher
The Dow Jones Industrial Average (DJIA) is expected to add a few more points as the big banks announce their earnings today.
DJIA closed at 19,891.0 Thursday after losing 63.28 points.
The NASDAQ Composite index lost 16.16 points to close at 5,547.49. The S&P 500 index was down about five points and closed at 2,270.44.
Bank stocks are likely to be in the spotlight today as JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp (NYSE:BAC), and Wells Fargo & Co (NYSE:WFC) announce their results.
Stocks to Watch in the Stock Market Today
Pandora Media Inc (NYSE:P) stock has gained more than eight percent in pre-market trading as the company announced that it expected to exceed its Q4 2016 guidance. “During the fourth quarter, Pandora accelerated its core advertising business, increased advertising RPM and saw strong improvements in adjusted EBITDA,” said CEO Tim Westergren. (Source: “Pandora Expects to Exceed Q4 2016 Guidance, Citing Subscription Momentum and RPM Growth,” Pandora Media Inc, January 12, 2017.)
As a result of its direct deals with music labels and publishers, Pandora introduced “Pandora Plus” along with new features and functionality on its ad-supported tier to listeners at the end of the third quarter. By the end of December 2016, the product generated more than 375,000 net new subscribers.
Amazon.com, Inc. (NASDAQ:AMZN) stock gained 1.8% on Thursday and ended the session at $813.64. The sentiment is likely to turn around for AMZN stock as the company announced that it will create more than 100,000 new, full-time jobs across the U.S. over the next 18 months. (Source: “Amazon to Create More Than 100,000 New, Full-Time, Full-Benefit Jobs across the U.S. over the Next 18 Months,” Amazon.com, Inc., January 12, 2017.)
Amazon is already one of the biggest employers in the country, and now the company plans to grow its full-time U.S.-based workforce from 180,000 in 2016 to over 280,000 by mid-2018. Investors will be pleased with the news, as it is likely to improve the company’s relationship with Donald Trump.
Netflix, Inc. (NASDAQ:NFLX) stock lost about one percent on Thursday and closed at $129.18. However, NFLX stock is up more than one percent in pre-market trading as it approaches its earnings announcement day next week. Sentiments are bullish on the back of the company’s lead in original programming, but the focus will be on the growth in the Netflix subscriber base.
