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Netflix Dominates on Volatile Day


Today's financial recap and tomorrow's financial outlook.

Netflix (NFLX) soared  today as its Wednesday afternoon earnings report was much stronger than expected. While revenues were in-line with expectations, EPS and subscriber numbers were impressive, and the stock rose 18.2% today. The company also received several price target increases, with FBR taking its up to $900.

Citigroup (C) rose nearly 1.5% today after beating earnings expectations by a solid margin.

Goldman Sachs' (GS) stock initially rose this morning on a significant earnings beat, but declined later in the day as profit taking set in.

Party City (PRTY) IPO'd today at the high end of the expected $15-$17 range. The stock rose 22% to close at $20.70, giving it a valuation of almost $2 billion.

The US Dollar declined in value as Atlanta Federal Reserve President, Dennis Lockhart expressed uncertainty on whether or not the economy would be ready for a rate hike based on recent poor economic data.

Today's leaned towards the weak side, also helping boost the case for Fed dovishness. Jobless claims were 294,000 for the week ended April 11. Meanwhile, housing starts data reports were lower than expected, athough the Philly Fed Index beat consensus.

Oil prices were down following yesterday's big rally, and on OPEC's announcement that production had jumped in March. Prices picked up later in the day on news that an oil terminal in Yemen was taken over by a group of former Al Qaeda militants. The drop in the US dollar today also helped push up the price of oil.

The dollar dip also boosted equities intraday, with the S&P 500 hitting a high of 2111.3. However, the rally failed to hold, and the index finished down 0.1% at 2104.99.

German bund yields hit historic lows as investors once again began to panic over Greece. Greece approached the IMF asking for an extension on its debt payment but was denied, causing a scare that the country will not make its scheduled payment on May 1.

The Greece scare also hit European stocks, with most major markets down over 1%.

Friday's Financial Outlook

Tomorrow will be an important economic data day with the release of the March CPI report. The University of Michigan Sentiment Survey will also be released.

In global economic data, Britain will released employment report, the Euro-Zone will release its CPI, and Canada will be announce CPI and retail sales numbers.

Tomorrow's major earnings releases include General Electric (GE), Honeywell (HON), Seagate Tech (STX) and Synchrony Financial (SYF).
No positions in stocks mentioned.
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