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US stocks climb to record high while Netflix shares plunge
Tuesday, 19 Jul 2016 06:46:10 | Sue Lannin
US video streaming service Netflix launches in Australia. (ABC News: Matt Eaton)
US stocks climbed to yet another record high overnight, partly due to better-than-predicted profit results from Bank of America.
A technology takeover also boosted the market when Japan's SoftBank Group said it would buy computer chip designer ARM Holdings for $US32 billion.
ARM designs chips for iPhones and other smartphones.
Standard & Poor's (S&P) 500 gained five points to 2,167 — its fifth record in six trading sessions.
The Dow Jones Index rose 16 points to 18,533, higher for the seventh day in a row.
The Nasdaq had its highest close in a year after putting on 26 points to 5,056.
Netflix shares plunged by 17 per cent to $US81.84 before closing at $US98.81 in extended trade.
That was after the online streaming company gained fewer subscribers than forecast in the second quarter of 2016.
A price increase also saw an increase in cancelled subscriptions.
Sales rose by 28 per cent to $US2.11 billion over the quarter, with net profit rising from $US26 million in the second quarter of 2015 to $US41 million in the second quarter of 2016.
Netflix now has just over 83 million subscribers globally.
Turkey coup attempt results in mixed Euro markets
European stocks were mixed after the failed coup in Turkey.
The FTSE 100 rose to its highest mark in nearly a year after gaining 26 points to 6,695.
The Borsa Istanbul 100 Index in Turkey slumped just over 7 per cent.
In commodities, Borsa Istanbul 100 Index oil fell to $US45.24 a barrel following the instability in Turkey.
Spot gold was at nearly $US1,330 an ounce.
In currencies, the Australian dollar had a volatile night but managed to hold against the greenback at 75.92 US cents.
It was buying 57.25 British pence, 68.53 Euro cents, 80.57 Japanese yen and $NZ1.06.
Today's agenda:
- ANZ weekly consumer confidence survey (9:30am AEST)
- Rio Tinto production report – June quarter (9:30am AEST)
- Oil Search production report – June quarter (9:30am AEST)
- RBA minutes – July meeting (11:30am AEST)
UK
- Inflation – June (6:30pm AEST)
US
- Housing starts – June (10:30pm AEST)
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