Stocks Mixed After Latest Earnings; Netflix Shares Surge
(NEW YORK) -- Stocks were mostly unchanged Wednesday as investors studied the latest batch of earnings reports. The Dow Jones industrial average ended with the biggest loss, closing down 39 points at 16,373.34. The Nasdaq Composite climbed 17 points to 4,243. The S&P 500 added just 1 point to close at 1,844.86.
IBM stock fell more than $6 a share after the company reported lower-than-expected revenue in the 4th quarter.
Coach was unable to bag much of a profit as well. Numbers for the luxury leather goods maker were also short of the mark, with the company facing tough competition from rivals like Michael Kors.
After Wednesday's closing bell, shares of Netflix were off the charts -- up around 17 percent (more than $50 a share) in after-hours trading -- after reporting fourth-quarter numbers that beat expectations. The video streaming service added 2.3 million U.S. customers in the last three months of 2013, ending the year with 33.4 million U.S. subscribers and a total of 44 million. The company expects to have 48 million subscribers by the end of the first quarter of 2014.
Netflix was the best performing stock in the S&P 500 last year -- up 297 percent.
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