Investing.com– U.S. stocks climbed Friday, as investors digested more quarterly corporate earnings, including stronger-than-expected numbers from streaming giant Netflix.
At 1.02 p.m. ET (17:02 GMT), the rose 39 points, or 0.1%, the index climbed 0.4%, and the gained 0.7%.
Netflix surges on Q3 beat
Netflix (NASDAQ:) shares rose over 9% after the streaming giant reported stronger-than-expected third-quarter earnings and also provided an upbeat outlook for the current quarter.
The firm added more subscribers than expected, with more people signing up for Netflix’s ads-based subscription tiers.
“The most significant advantage of the ad tier so far is that it limits churn, lowering pressure on adding new subscribers,” Wedbush said in a Friday noet as it lifted its price target on the stock to $800 from $775.
The earnings set a positive tone for upcoming prints from several technology firms in the coming week. Alphabet (NASDAQ:) is set to report on Tuesday, while Tesla (NASDAQ:) and Amazon (NASDAQ:) are due later in the week.
Elsewhere, American Express (NYSE:) stock dropped over 2% after the credit card giant reported third-quarter profit revenue below expectations and bigger provisions for credit losses, even as higher spending on its cards prompted an increase in full-year guidance.
Procter & Gamble (NYSE:) stock rose 0.2% after the household goods manufacturer missed expectations for first-quarter sales on Friday, as consumers in its major markets, the U.S. and China, switched to cheaper household and personal care brands.
CVS health tumbles on leadership change; Lamb West rises on activist interest
CVS Health Corp (NYSE:) fell more than 6% after the pharmacy chain said it had appointed David Joyner as chief executive, succeeding Karen Lynch,
Lamb Weston Holdings Inc (NYSE:) jumped more than 10% after activist investor Jana Partners said it had taken a stake in company and detailed plans to encourage the company to explore a sale.
In a regulatory filing, Jana Partners also said it plans to push Lamb Weston toward exploring a sale.
(Peter Nurse, Ambar Warrick contributed to this article.)
