Netflix Inc (NASDAQ:NFLX, ETR:NFC) delivered another blockbuster quarter, beating estimates and raising its full-year outlook, yet its shares fell almost 5% with analysts pointing to sky-high investor expectations as the cause.
Analysts at Bank of America and UBS largely agree on the strength of the streaming giant’s fundamentals, attributing the market’s tepid reaction more to Netflix’s elevated valuation than any shortfall in the results themselves.
Sales of Johnson & Johnson (NYSE:JNJ)’s esketamine nasal spray Spravato grew sequentially in the second quarter, marking a positive sign for the broader psychedelics sector, according to Jefferies analysts.
Spravato sales grew 29% quarter-over-quarter to $414 million worldwide. US sales grew 33% quarter-over-quarter to $366 million while ex-US sales were up 14% at $50 million.
Sarepta Therapeutics Inc (NASDAQ:SRPT) shares pulled back after Thursday’s gains on the announcement of a third patient death linked to the company’s experimental gene therapies.
The patient, who was participating in a Phase 1 trial for Sarepta’s approved AAVrh74-based gene therapy targeting limb-girdle muscular dystrophy, died from acute liver failure.
The US House of Representatives passed the the GENIUS Act on Thursday evening, the first federal legislation to create a regulatory framework for stablecoins.
Stablecoins are cryptocurrencies tied to stable assets such as the US dollar to maintain a fixed value, designed to function as reliable instruments for payments and financial services.
American Express Company (NYSE:AXP, ETR:AEC1) reported better-than-expected earnings for the second quarter, driven by robust cardholder spending and demand for its premium products.
Earnings per share (EPS) grew 17% year-over-year to $4.08, beating the Wall Street consensus of $3.87 by $0.21.
3M Co (NYSE:MMM) raised its full-year earnings forecast after posting stronger-than-expected second-quarter results, driven by margin expansion and modest organic sales growth.
The diversified industrial giant reported adjusted earnings of $2.16 per share for the quarter ended June 30, beating analysts' average estimate of $2.01, according to LSEG data. That marked a 12% increase from the same period last year.
Bit Digital Inc (NASDAQ:BTBT) announced that it has acquired approximately 19,683 Ethereum (ETH) using the net proceeds from its recently completed $67.3 million registered direct offering to institutional investors.
Following the purchase, the company now holds approximately 120,306 ETH.
GSK PLC (LSE:GSK, NYSE:GSK) shares dropped 6% on Friday, erasing over £3 billion from its market value, after a panel of experts advising the US Food and Drug Administration voted against the company’s Blenrep drug combinations for advanced multiple myeloma.
The advisory committee concluded that the benefits of Blenrep, also known as belantamab mafodotin-blmf, did not outweigh the risks at the proposed dosage used in clinical trials.