A big week for earnings reports. And a familiar toy store is returning for the holidays. Apple says it plans to slow hiring… and that helped wipe out a 350 point gain on Wall Street.
The Dow fell 215 points, about 7 tenths of a percent to close at 31,072
The S&P lost 32.
The Nasdaq was down 92 on the day.
This is a big week for earnings Netflix releases data tomorrow. Analysts expect the streaming company to lose 2 million paying subscribers which would be the largest quarterly decline in the company’s history. Netflix lost 200,000 subscribers in its first quarter. Morgan Stanley calls it a “streaming recession.”
A new survey among McDonald’s franchisees shows they’re unhappy with changes being made to ownership terms… and 87% support a no-confidence vote on the McDonald’s CEO. Franchisees run 95% of McDonald’s locations and are key to the company’s operations.
And from Ronald McDonald, to Geoffrey. Toys R Us is making a comeback. You’ll see them pop up inside Macy’s locations over the next few months. Expect to see demonstration tables for new toys, even a life-size Geoffrey giraffe photo op. Everybody sing – I wanna be a Toys R Us kid.
From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.