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The Dow Jones Industrial Average dropped about 160 points on Friday morning, while other major stock indexes rose, driven partly by Netflix’s strong earnings report.
After the opening bell, the Dow fell 162 points, or 0.4%, while the S&P 500 gained 0.2%. The tech-heavy Nasdaq composite popped 0.6%.
Netflix rises on strong earnings
Video streaming could have spelled the end of TV commercials, but now even Netflix (NFLX+10.44%) is making its advertising business a “priority.” This comes as the streaming giant shifts its focus from subscriber growth to profit.
Netflix (NFLX+10.44%) stock rose more than 10% Friday morning following an impressive earnings report Thursday. It added more than five million paid subscribers in the third quarter of 2024, outperforming Wall Street expectations of 3.5 million.
CVS replaces its CEO
CVS Health (CVS-8.29%) announced a new chief executive officer and cautioned that its upcoming earnings are likely to disappoint predictions from Wall Street, leading to a more than 7% share-price drop during early trading.
David Joyner has been appointed president and CEO and will assume the role on Oct. 17. He will be succeeding Karen Lynch.
Joyner, who has nearly four decades of experience in the health care sector, was previously the executive vice president and president of CVS Caremark. He has also held pivotal roles at Aetna, one of the company’s currently struggling divisions. Joyner will join the Board, while current chairman Roger Farah takes on the role of executive chairman.
— Francisco Velasquez and Bruce Gil contributed to the article
