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Netflix (NFLX) authorized a $25B share buyback, the largest in company history, after shares fell 13% over the past week following a Q1 miss.
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Geopolitical tensions in the Strait of Hormuz and concerns over Tesla’s capital spending plans are weighing on the market despite strong semiconductor performance and Netflix’s aggressive buyback signaling confidence in its valuation.
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Tesla (TSLA) beat Q1 earnings with $22.39B revenue (+16% YoY) and expanded auto gross margin to 21%, but shares fell 3% after Elon Musk warned capital expenses would rise for AI-powered self-driving and robots, with Polymarket traders pricing only 57% odds of a close above $380 by month-end.
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NVIDIA (NVDA) sits near $203, up 15% in the past month, as the Philadelphia Semiconductor Index extended its winning streak to a record 16 consecutive sessions.
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The Nasdaq Composite (^IXIC) is under pressure this morning after closing at a record high Wednesday, with index futures slipping. Traders are digesting a wave of earnings, a tick higher in jobless claims, and a complicated reaction to Tesla’s post-close report. Over the past five trading sessions, the Nasdaq Composite (^IXIC) has tacked on 2% and remains in positive territory YTD, up 5.7%. A renewed escalation in the Mideast conflict has dampened market sentiment and sent all three of the major stock market averages, the Nasdaq Composite, S&P 500 and Dow Jones Industrial Average, lower on the day.
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Tensions in the Strait of Hormuz escalated sharply Thursday, keeping energy markets on edge and weighing on stocks. President Trump warned the Navy has standing orders to fire on any vessel caught laying mines in the critical waterway, while the Pentagon released footage of troops boarding the Majestic X, a sanctioned tanker allegedly hauling Iranian crude. Iranian forces meanwhile boarded three commercial ships Wednesday, towing two into Iranian waters. Tehran’s lead negotiator has made clear the strait stays contested as long as the U.S. blockade holds. Mediators are pushing for a U.S.-Iran meeting as early as Friday.
The biggest single-stock stories sit on either side of the tape. Netflix (NASDAQ:NFLX) is up more than 1% premarket after authorizing an additional $25 billion share buyback, the largest such authorization in company history. The move lands on a stock that has taken a beating, with shares at $93 and down 13% over the past week after the April 16 Q1 report delivered $12.25 billion in revenue and EPS of $1.23, missing expectations. Analyst price targets still sit near $114, so the buyback signals meaningful capital allocation.