It is the 19th of August 2019

News

IBM Reports 22nd Consecutive Quarter Of Declining Sales, "Beats" EPS On Drop In Effective Tax Rate

Last quarter, IBM - once again - almost fooled the market when it "beat" but only thanks to using the lowest (until then) effective non-GAAP tax rate in recent history (excluding one charge-filled quarter when the rate was negative and thus N/M). Fast forward to this quarter when IBM has done it, or at least tried it, again: in the three months ended Sept 30, IBM reported Non-GAAP EPS of $3.30, above the expected $3.28. How did IBM "beat" again? By once again applying a lower tax rate than a year ago: a paltry 11.0%, down from the already laughable 12.5% in Sept 30, 2016. Had IBM used even last quarter's 12.5% tax rate, it would have missed.

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Netflix Jumps After Smashing Subscriber Expectations, Unveils $17 Billion In Content Commitments

After some initial confusion, Netflix stock surged after hours, a repeat of what it did last quarter, soaring above its all time high price, up over 2% after reporting Q3 numbers which while beating slightly on revenues ($2.99Bn, Exp. $2.97Bn), and beating modestly on non-GAAP EPS (GAAP EPS$0.29, non-GAAP EPS $0.37, exp. $0.32), were far more remarkable for the subscriber numbers, which smashed expectations as follows:

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Fedex Tumbles After Missing Revenue, EPS, Guiding Lower; Blames Hackers, Harvey

The earnings season is starting off on the back foot for global trade as moments ago, the company considered the world's logistics bellwether, Fedex, reported revenue and earnings that both missed badly.

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The Uber Effect: Avis Plunges On Huge Miss, Margin Collapse, Guidance Cut, "Over-Fleeting"

While the growing woes facing the auto sector are well-known by now (see "Carmageddon: Ford & GM Sales Tank Despite Record July Incentive Spending") and boil down to excess capacity, insufficient demand and just a tiny - if one listens to the experts - subprime lending bubble, one key culprit has emerged as the biggest catalyst behind the chronic weakness among US carmakers: a moribund fleet, or rental, industry which has been devastated in recent years from Uber's juggernaut of disruption.

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Netflix Is Spending Twice As Much As Amazon On Content

When it comes to Netflix and its stratospheric (forward) valuation, the thesis is simple: the company is (so far) the undisputed leader in the arena of internet streaming. As the LA Times summarizes, the global streaming giant today boasts impressive stats: 104 million subscribers worldwide, up 25% from last year and almost quadruple from five years ago. Its series and movies account for more than a third of all prime-time download Internet traffic in North America. Its more than 50 original shows garnered 91 Emmy Award nominations this year, second only to premium cable service HBO.

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