Nice even market until…….2:36pm EST.
Think they know something is coming. That spike says yes.
Volumes picked up right there and on into close. Distribution all the way into the close.
At least they do not have to talk about Morgan Stanley now. To many other things going on.
Nothing to see here…move along.
Update 2: Official denial now, this time from Bloomberg
TREASURY DENIES REPORT MNUCHIN PUSHED TO LOWER CHINA TARIFFS
Commenting on the WSJ report and subsequent denials, Calvin Tse, Citi's North American head of G-10 foreign-exchange strategy, said "we have imperfect information right now, but based on what we know, I do not view this as relevant news," noting that article says Treasury Secretary faces resistance from Trade Representative
Tse said that "it’s an idea" and not clear whether it’s “realistic right now”, adding that he wouldn’t be selling dollars here.
*
Update: CNBC's Eamon Javers reports that a Treasury spokesman has offered this comment on the WSJ report: “Neither Secretary Mnuchin nor Ambassador Lighthizer have made any recommendations to anyone with respect to tariffs or other parts of the negotiation with China" and adds that "this an ongoing process with the Chinese that is nowhere near completion."
The spokesman adds this: “This an ongoing process with the Chinese that is nowhere near completion.”
— Eamon Javers (@EamonJavers) January 17, 2019
And as Bloomberg confirms: TREASURY DENIES TO WSJ ANY CHINA TARIFF RECOMMENDATIONS MADE
In kneejerk response to the denial, the S&P has faded about half of the initial gain but is still about 0.5% higher.
In stark reversal of the market action from the last hour of trading on Wednesday, stocks surged moments ago on a WSJ report that U.S. officials are weighing easing back tariffs on Chinese imports "as a way to calm markets and give Beijing an incentive to make deeper concessions in a trade battle that has rattled global economies."
That said, nothing is assured as the push for concessions is split within the Trump camp: according to the WSJ, the idea of lifting some or all tariffs was proposed by Treasury Secretary Steven Mnuchin in a series of strategy meetings, with the intention "to advance trade talks and win China’s support for longer-term reforms." However, Mnuchin is said to face resistance from U.S. Trade Representative Robert Lighthizer, who is concerned that "any concession could be seen as a sign of weakness."
The debate is occurring as trade officials try to figure out the best way to pry concessions from China. It hasn’t yet reached President Trump, and the outcome of the discussions aren’t possible to forecast.
While in the past, Trump has sided with Lighthizer on tariffs, rather than Mnuchin, this time the president has made clear he wants a deal—and is pressing Lighthizer to deliver one, according to people familiar with the discussions.
While Lighthizer is leading the trade talks, Mr. Mnuchin has been active in formulating the administration’s strategy. In talks with members of the trade team, Mr. Mnuchin raised the possibility of offering to eliminate tariffs during discussions scheduled for Jan. 30 in Washington with top Chinese trade envoy Liu He—a month ahead of the target date to conclude the negotiations.
“It could be an arrow in the quiver” of U.S. negotiators, said one of the people tracking the talks.
It is not clear if Lighthizer will concede: the USTR has repeatedly taken his hard-line in trade talks, contending that China hasn’t lived up to past agreements and can’t be trusted to do so in the future. In the discussions with China, he has said the U.S. should remove tariffs only when China has shown it has carried out promises made during the talks.
But Mr. Lighthizer has shown some signs of easing his position, say people involved in the talks, including raising the possibility that some tariffs could be eliminated if the U.S. strikes a strong deal on March 1. A Treasury spokesman said bargaining positions “are all at the discussion stage” and that “neither Secretary Mnuchin nor Ambassador Lighthizer have made any recommendations to anyone with respect to tariffs or other parts of the negotiation with China.”
And even as the WSJ notes that talks are “nowhere near completion,” stocks exploded higher on the news, with the Dow surging 1% higher on the day…
https://www.zerohedge.com/news/2019-01-17/stocks-surge-report-us-weighs-lifting-china-tariffs-calm-markets
Netflix, Inc. (NFLX)
NasdaqGS - NasdaqGS Real Time Price.
353.19+1.80 (+0.51%)
At close: 4:00PM EST
After earnings
341.40 -11.79 (-3.34%)
After hours: 4:32PM EST
Spending cash on a monumental basis. Levered up and keep growing for growth's sake.
They have so much off the books content acquisition costs and keep going to the well with shelf regs. It's a wonder how they survive.
Netflix Slides After Earnings Miss, Light Guidance As It Burns $15 Million In Cash Daily
https://www.zerohedge.com/news/2019-01-17/netflix-slides-after-earnings-miss-light-guidance-it-burns-15-million-cash-daily
Already posted further up from company filing but here is ZH take on them.
Afterhours trade
343.22 -9.97 (-2.82%)
After hours: 4:52PM EST
Plus munchkins was talkative too. Lots of habbenings today. NFLX just shit earnings bed too.
Burning way too much cash and going to the well too many times.
They also do not talk about SAC or subscriber acquisition costs any longer. Wouldn't want to tell anyone how much it costs to stay in business.
Volume is not cutting for them any moar.
oui