We just heard from 14 of the largest corporations in the world.
The biggest winner was Netflix, $NFLX, which soared higher after a top- and bottom-line beat. The company said it added 19M paid subscribers, the most in its history.
It was a glorious day for the NFLX bulls, but that wasn't it.
Let's go over what else happened on Wednesday.
Here are the latest earnings reactions from the S&P 500:
*click the image to enlarge it
Teledyne Technologies $TDY rallied 6.42% with a reaction score of 3.80 after reporting a double beat.
The company also issued upbeat guidance for 2025.
Johnson & Johnson $JNJ beat its expectations but fell nearly 2%, with a reaction score of -2.52.
Stelara sales, one of JNJ's most significant revenue sources, are declining because of biosimilar competition. Management expects that trend to continue, and the stock is declining because of it.
Procter & Gamble $PG rallied nearly 2% with a reaction score of 1.31 on the heels of a double beat.
The company is continuing to return cash to shareholders rapidly. During the quarter, PG returned nearly $5B through dividends and share repurchases.
$NFLX closed at a fresh all-time high:
After a blockbuster earnings report, Netflix rallied nearly 10% with a reaction score of 4.23. It was epic for the bulls!
This isn't anything new, though. The stock has been screaming higher over the past 3-years since Bill Ackman puked up his shares at a significant loss in early 2022.
We think NFLX is going to keep chugging higher.
$COF has rallied after its last 10 earnings reports:
After reporting mixed earnings results, the stock rallied 4% with a reaction score of 1.41. This reaction extended the stock's beat streak to 10, one of the highest in the market.
The market is looking forward to the acquisition of Discover Financial, which could potentially create a juggernaut.
In addition to the positive earnings reaction, COF completed a textbook base breakout, and we think it has begun a brand-new uptrend.
$UAL looks like red meat for the bears:
Like many other airline stocks, United Airlines has soared in recent months. Since the stock's August 5 low, it has rallied over 200%.
However, momentum has not confirmed the new price highs. UAL has carved out a textbook bearish momentum divergence, suggesting it is due for a correction.
The company beat expectations across the board, but the reaction was nasty. UAL fell 2.61% with a reaction score of -1.57.
We think the correction started on Wednesday after the stock closed with an outside reversal candlestick following its earnings report.
