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Today in the Market (4/18/2024)

Good Morning! On Thursday, U.S. equity markets closed mostly lower as the market continued to be affected by the sluggishness of April. The Dow Jones finished up 0.06%, while the S&P 500 and the NASDAQ continued their decline, falling by 0.22% & 0.52%, respectively. 

WE EXPECTED MORE!

Netflix (NFLX) announced impressive first-quarter profits, surpassing expectations in all areas, with the company gaining over 9 million new members. Nonetheless, the company saw a decline of over 3% in after-hours trading due to unsatisfactory second-quarter sales projections.

  • Revenue: $9.37 Billon vs. $9.27 Billon Expected
  • Subscribers Added: 9.3 Millon vs. 4.8 Millon Expected
  • Earnings Per Share: $5.28 vs. $4.52 Expected

Check-up time for ad-tiers! In terms of advertising, the number of ad-tier memberships grew by 65% compared to the previous quarter, after a roughly 70% growth in both Q3 ’23 and Q4 ’23. Currently, the advertising strategy contributes to more than 40% of all new subscriptions to Netflix in the areas where it is available.

What to expect going forward! In January 2025, the streaming service will begin airing WWE’s wrestling program, “Raw,” as part of a 10-year agreement for $5 billion, thus increasing its sports content. On top of that, under the leadership of Dan Lin, the firm has recently reorganized its film division and is now focused on producing fewer movies that are of a higher standard.

BANNED FOR LIFE

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The NBA has suspended Jontay Porter, a NBA player for the Toronto Raptors, due to his violation of betting regulations, as determined by the league’s inquiry. The NBA’s inquiry concluded that Porter had breached league regulations by revealing sensitive information to sports bettors, intentionally restricting his involvement in one or more games for betting, and placing bets on NBA games.

The details! The investigation revealed that Porter disclosed his personal health condition to an individual before a game on March 20. Later, an individual connected to Porter made a wager of $80,000 on the Raptors player doing poorly in that particular game, with the potential to win $1.1 million. However, the NBA said that bet was frozen due to the “unusual betting activity and actions of the player.”

But wait, there’s more… Between January and March 2024, while accompanying the Raptors and the Raptors’ G League club on their travels, Porter engaged in 13 instances of placing bets on NBA games using a betting account that did not belong to him. Although Porter did not participate in any of the games, he placed bets on the Raptors to lose as part of three separate parlay bets (all lost bets).

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