In Between Days: Qwikster? I Hardly Knew Her.

by CC October 25, 2011 1:08 am • Commentary

I can’t remember the last company that committed such an unforced error as Netflix has, New Coke maybe? From Reuters:

Netflix Inc lost more customers than it anticipated in the third quarter and warned of still more defections to come, pushing its shares down 27 percent as the one-time Wall Street star grapples with the fallout from a price increase and other unpopular moves.

The top video rental company reported a better-than-expected 49 percent surge in third-quarter revenue to $822 million, surpassing Wall Street’s target of about $812 million. It also beat expectations on earnings per share.

But investors — mindful of how the company led by CEO Reed Hastings had driven away customers in recent months and damaged its credibility with a price rise and other high-profile stumbles — focused on the fourth-quarter warning.

Netflix shares plummeted 27 percent to $86.70 in after-hours trading, about 70 percent below the high of just under $300 per share in July.


Financial companies, represented by the Washington-based IIF, proposed a loss of 40 percent on Greek debt, said a person briefed on the matter who declined to be identified because the talks are confidential. Luxembourg’s Jean-Claude Juncker, who leads the group of euro-area finance ministers, said yesterday that talks on private-sector involvement in a second aid package for Greece are focusing on losses of 50 percent to 60 percent.

Tomorrow’s Tape (WSJ)


  • 9:00 a.m. ET: The Case-Shiller home-price index for August is due. Are home prices on the rise? Will it help to convince you to buy my house from me if I tell you that they are? Then yes, yes, they are. Skyrocketing.
  • 10:00 a.m.: The FHFA home-price index that nobody cares about is due, also for August. If you read carefully, you’ll find yet another reason it’s great time to buy my house.
  • 10:00 a.m.: The Conference Board consumer confidence index for October is due. Nobody’s watching this any more because consumers are apparently still spending, despite having no income growth and suffering from a deep lack of confidence. Economists think confidence rose to an abysmal 47 from a slightly more abysmal 45.4 in September.


  • Before the bell we hear from:
  • DuPont
  • Xerox
  • Illinois Tool Works
  • 3M
  • Reynolds American
  • UPS
  • National Oilwell-Varco
  • Simon Property
  • Ecolab

Later we get results from:

  • Cummins
  • US Steel

After the bell we hear from:

  • McKesson
  • Western Union
  • C.H. Robinson Worldwide
  • Range Resources
  • FMC Technologies
  • Boston Properties
  • Broadcom