Sometimes an earnings report can turn on a dime. The market was initially euphoric when Netflix (NFLX 1.31%) posted third-quarter results after Monday's market close. The stock opened higher on Tuesday, but somewhere along the way sentiment turned.
Maybe it was that CEO Reed Hastings issued a cautionary note about the lofty nature of the share price. It could have been that Carl Icahn was selling a huge block of shares, something that would create selling pressure as it happened and then scare away investors after the filing revealed the asset sale.
Either way, Netflix's once great report -- celebrating more than 40 million subscribers on better-than-expected results -- suddenly turned into a selling opportunity. Sometimes even a great report isn't enough.
Briefly in the news
And now let's take a quick look at some of the other stories that shaped our week.
- Zynga (ZNGA) posted yet another quarterly deficit on a 36% plunge in revenue, but the social-gaming specialist still moved higher because it was better than the market was fearing. Zynga also brought on a former EA marketing manager to help give Zynga more of a presence in mobile.
- Amazon.com (AMZN -2.40%) hit yet another fresh high after posting blowout quarterly results. Net sales climbed a better-than-expected 24%, positioning the e-tailer with ideal momentum as it heads into the critical holiday shopping season.
- Nokia (NOK) finally threw its hat into the tablet ring. The Finnish handset giant's first tablet will run on the poorly received Windows RT platform. It hasn't been as popular as Windows 8, but Nokia's plan appears to be to put out a cheaper tablet but with high-end specs. It's a gamble all the same.
