logo-loader
Market ReportMarket Movers

LATE MOVERS: Netflix falls on Disney+ announcement; Chevron inks megadeal to acquire Anadarko

Also moving Friday were JP Morgan, Wells Fargo, Disney and UnitedHealth

Person watching Netflix on a tablet
The streaming giant recently raised its price to $13 per month, while Disney+ is expected to cost $6.99

Netflix Inc (NASDAQ:NFLX) stock was hurt by the emergence of Disney (NYSE:DIS) onto the streaming scene. The streaming giant recently raised its price to $13 per month, and investors worry that Disney+ could impede on its market share. The Los Gatos, California-based company recently announced a comedy radio channel called Netflix Is A Joke in partnership with Sirius XM Holdings Inc. (NASDAQ:SIRI). The channel will be available starting April 15.

Shares dropped 4.5% to close at $351.14.

Chevron Corporation (NYSE:CVX) fell before the bell Friday after announcing a mammoth $33 billion cash and stock agreement to acquire Anadarko Petroleum Corp (NYSE:APC). The agreement will see Anadarko shareholders being paid roughly 0.4. shares of Chevron and $16.25 in cash per Anadarko share. The $65 per share price is a nearly 39% premium on its Thursday closing price.

Shares of Chevron finished nearly 5% lower at $119.81, while Anadarko jumped 32% to $61.80.

JPMorgan Chase & Co. (NSYE:JPM) rose after it kicked off earnings season beating Street expectations. The bank brought in record net income of $9.18 billion, up from $.7 billion a year ago. Earnings came in at $2.37 per share on revenue of $29.9 billion, outpacing analysts' estimates of $2.35 EPS on revenue of $28.4 billion.

The money center bank’s stock climbed 4.7% to $111.18.

Wells Fargo & Company (NYSE:WFC), the other financial giant to report before the bell, saw its shares flip to a loss after early gains. The company saw net income rise to $5.5 billion for the first quarter, up from $4.7 billion in the previous year. Its earnings of $1.20 per share on revenue of $21.6 billion surpassed expectations of $1.09 EPS on revenue of $21 billion. Then, on a post-earnings conference call, Chief Financial Officer John Shrewsberry told investors that net interest income is expected to decline between 2% and 5% in 2019, according to MarketWatch. That’s down from previous guidance between 2% in either direction.

The stock edged down 2.6% to $46.49.

The Walt Disney Company stock closed at an all-time high after the company unveiled information late Thursday about its new streaming service, Disney+, according to engadget. The launch is scheduled for November 12, and it will cost $6.99 per month, cheaper than top competitor Netflix. The Disney+ lineup is expected to include content from Disney, Pixar, Marvel, Star Wars and The Simpsons, among others. Profitability, though, isn’t expected until 2024.

Shares increased more than 11% to $130.04.

UnitedHealth Group Incorporated (UNH) tumbled for the second day in a row Friday to its lowest point in a year after Sen. Bernie Sanders announced his Medicare for All plan on Wednesday. The 2020 Democratic presidential hopeful’s plan would create a single-payer system that essentially replaces the network of private health insurers.

Shares lost 5.2% to end the day at $223.24.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Alchemist sees big market in China for medical cannabis sales

Alchemist (CSE: AMS) CEO Paul Mann and Vice President of Business Development, Asia Pacific Johnson Lee joined Steve Darling from Proactive Vancouver to discuss Alchemist looking for opportunities for cannabis in the emerging cannabis market.  Mann and Lee talk about what the industry...

16 hours, 54 minutes ago

3 min read