The market closed marginally lower Monday, resting after an explosive after-hours run last week fueled by strong earnings from the tech sector. The market has been resilient in 2011 amid a barrage of negative headlines, but it has shown a tendency to rest and digest moves rather than grind higher relentlessly like saw during Q4 2010. However, with rotating leadership and another strong report, we expect the market to be back at new multi-year highs in the coming weeks.
The latest major tech company to report earnings was Netflix, Inc. (NFLX) today after the close. The new media leader beat consensus earnings per share estimates ($1.11 actual vs. $1.08 expected) and revenues ($719M vs. $703.60), while falling just sort of street expectations for new subsrcribers (3.6 million vs. 3.7 million). The stock has been volatile following the report, first pushing higher and then pulling off, and is now settling down about 5.5% (4:34 ET).
Want to know what Scott Redler is looking at for tomorrow? Watch the T3Live.com Daily Recap (below).
*DISCLOSURE: Scott Redler is long AAPL, AMZN, POT, GLD, JPM, JDSU, REDF, LVS, CIEN, MGM, OIH. Short SLV.
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