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Today in the Market (10/18/2022)

Good Evening. U.S. equities advanced in another session of large swings on Tuesday, extending a recovery that started a week of high-profile third-quarter earnings releases.

The S&P 500 rose 1.14%, although after reducing gains from a larger surge earlier in the day, the Dow Jones rose 1.12%. The Nasdaq Composite gained 0.90% at market closing.

BACK ON TRACK

Netflix (NFLX) disclosed its fiscal third quarter results, with a major emphasis on future ad-supported format features.

Here are Netflix’s third-quarter results compared to the consensus Wall Street forecast, as collected by Bloomberg:

  • Revenue: $7.93 Billion vs. $7.85 Billion expected

  • Earnings Per Share: $3.10 vs. $2.22 expected

In a message to shareholders, the business said, “After a challenging first half, we believe we’re on a path to reaccelerate growth.” The firm attributed its success throughout the quarter to Monster: The Jeffrey Dahmer Story, Stranger Things S4, Extraordinary Attorney Woo, and Purple Hearts, among other television and cinema blockbusters.

On top of that… With today’s earnings, the firm has gained subscribers for the first time. The corporation lost 970,000 and 200,000 customers in the past two quarters, respectively.

UBER IS SHAKING IT UP

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Four years ago, Canada legalized cannabis, and now Uber is prepared to capitalize by adding marijuana to the list of what can be delivered. Starting in Toronto, marijuana will be able to be delivered on top of the ability to already deliver food and people. 

In Ontario, you may already purchase cannabis items via Uber, but you must pick them up on your own. Now, Toronto citizens over the age of 19 may use the Uber app to order from three local dispensaries. However, under Ontario legislation, an employee of one of the shops must still distribute the cannabis.

According to Leafly, Uber is the first major third-party delivery service to provide cannabis in this manner. Not so with Toronto residents, though. According to Weedmaps, there are at least 22 dispensaries that deliver in the Toronto region.

It might take some time before it reaches the border. Uber CEO Dara Khosrowshahi said in 2021 that the business would not engage in cannabis delivery in the United States until it is federally allowed, but once the path is clear, “we’re absolutely going to take a look.”

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