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☆ Netflix Co-Founder Reed Hastings Transitions to Chairman Role, With Greg Peters Elevated as Co-CEO
▼ + stars: | 2023-01-20 | by ( Sarah Krouse | ) www.wsj.com time to read: 1 min

Netflix Inc. said co-founder Reed Hastings would transition from co-chief executive to executive chairman and named a new co-CEO alongside Ted Sarandos , as the company presses on with dual efforts to stoke new revenue growth. Netflix elevated longtime executive and heir apparent Greg Peters , who was key to the company’s swift launch of an ad-supported tier of service and most recently served as chief operating officer, to the co-CEO role.

Alphabet Inc (GOOGL.O) was the latest to join the list as it said it was cutting 12,000 jobs on Friday. "And we already have some insight into that because a lot of them have been coming out with massive layoffs." ET, Dow e-minis were down 10 points, or 0.03%, S&P 500 e-minis were up 9 points, or 0.23%, and Nasdaq 100 e-minis were up 77.25 points, or 0.68%. The S&P 500 (.SPX) has lost 2.5% so far in the week and the Nasdaq (.IXIC) is down more than 2%. Also on the radar are comments from Philadelphia Fed President Patrick Harker and Fed Governor Christopher Waller.

☆ Premarket stocks: What we learned at Davos: The economy is a mess, but there's still hope
▼ + stars: | 2023-01-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Friday marks the end of the annual World Economic Forum meeting in Davos, Switzerland, an elite gathering of some of the wealthiest people and world leaders. The meetings between CEOs, politicians, and global figures at Davos can help set the tone for the year ahead. CEOs and political officials are also worried about the United States hitting its borrowing cap on Thursday, forcing the Treasury Department to start taking “extraordinary measures” to keep the government open. If an agreement isn’t reached, markets could plunge (like they did the last time this happened in 2011) and the United States risks having its credit rating downgraded again. China’s removal of strict coronavirus restrictions late last year is also expected to unleash a wave of spending that may offset economic weakness in the United States and Europe.

☆ Netflix's subscriber growth signals better times ahead, but some analysts say it's still too early to buy
▼ + stars: | 2023-01-20 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Netflix 's strong fourth-quarter subscriber growth and solid content slate may signal the start of better times for the streaming stock, but it may be too early to buy up shares, according to some Wall Street analysts. Netflix reported 7.66 million adds, compared to 4.57 million subscribers expected by StreetAccount estimates. Analysts view the company's new advertising tier and its content slate as key to Netflix's financial performance in the months ahead. Since reporting second-quarter earnings results, Netflix shares have risen more than 46%. On the leadership front, Supino and analysts view the CEO transition as a positive for the company.

☆ Netflix's ability to churn out hits gives it an edge over rivals -analysts
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

read moreAt least 18 brokerages raised their price targets on the stock as they cheered Netflix's 7.66 million subscribers additions that easily beat estimates of 4.57 million. "Content performance is underpinning all aspects of financial improvement and helps investors sleep better," Wells Fargo analysts said, adding that double-digit revenue growth could be achievable in the second half of the year. The company said it would roll out features this quarter to try and convert more password sharers to paying subscriber. But the company expects increased engagement and monetization after a short period of churn. Reporting by Aditya Soni, Tiyashi Datta and Eva Mathews in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Alphabet Inc (GOOGL.O) was the latest to join the list as it said it was cutting 12,000 jobs on Friday. The gains made communication services stocks (.SPLRCL) the top gainer among major S&P 500 sectors, climbing 2.7%, with information technology (.SPLRCT) in tow, helped by a 1.6% rise in Microsoft Corp (MSFT.O). Analysts now expect year-over-year earnings from S&P 500 companies to decline 2.9% for the fourth quarter, according to Refinitiv data, compared with a 1.6% decline in the beginning of the year. Weighing on the S&P 500, Eli Lilly & Co fell 1.7% after the U.S. health regulator rejected the accelerated approval of its Alzheimer's drug. The S&P index recorded no new 52-week high and four new lows, while the Nasdaq recorded 35 new highs and 13 new lows.

☆ Stocks making the biggest moves premarket: Netflix, Alphabet, Nordstrom, PagerDuty and more
▼ + stars: | 2023-01-20 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Separately, Barclays upgraded shares of PVH , which owns Tommy Hilfiger and Calvin Klein brands, to overweight. Regeneron Pharmaceuticals — The pharmaceutical giant gained 1% in the premarket after being upgraded to overweight from neutral by JPMorgan. Nordstrom — Shares of the retailer fell 7% in premarket trading after Nordstrom announced that its holiday sales fell 3.5% year over year. Macy's — Retail stocks such as Macy's declined following disappointing holiday sales from Nordstrom. Correction: Nordstrom reported disappointing holiday sales numbers, not its latest quarterly figures.

☆ Jim Cramer's top 10 things to watch in the market Friday: Google job cuts, Netflix delivers
▼ + stars: | 2023-01-20 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Salesforce (CRM) downgraded to market perform from outperform (hold from buy) at Cowen, which also cut its price target to $160 per share from $175. Barclays upgrades Ralph Lauren (RL) to overweight from equal weight (buy from hold); increases its price target to $134 per share from $101. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Google isn't just afraid of competition from ChatGPT — the giant is scared ChatGPT will kill AI
▼ + stars: | 2023-01-20 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

A perfect example of this is the viral technology ChatGPT. ChatGPT makes a lot of people nervous (here's everything you need to know about it, BTW). Or maybe one day ChatGPT will just teach the class — that's probably part of Google's AI nightmare. If ChatGPT runs rampant, the search giant fears it could ruin AI adoption for everyone. My colleague Hasan Chowdhury breaks down how so-called generative AI — not just ChatGPT — could derail an entire sector of emerging technology.

☆ Stocks making the biggest moves midday: Netflix, Coinbase, Alphabet, SVB Financial & more
▼ + stars: | 2023-01-20 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

SVB Financial — Shares surged 16%, a day after Wells Fargo said SVB Financial seems like the "deal of the century" and said the bank "remains the trusted partner of the innovation economy." SVB Financial also reported an earnings miss Thursday, but its fourth-quarter net interest of $1.05 billion beat StreetAccount's estimate of $1.01 billion. PPG Industries — Shares of PPG Industries climbed 5.2% after the company reported earnings that were in line with analyst estimates. PagerDuty — The software stock jumped more than 5% after being upgraded to overweight from equal weight by Morgan Stanley. Ally Financial — The financial stock rallied a whopping 19% after the company reported better-than-expected quarterly results.

☆ Netflix insiders applaud new co-CEO Greg Peters, 'the only real visionary' in the C-suite, but scratch their heads over what other exec changes mean for the company
▼ + stars: | 2023-01-20 | by ( Elaine Low | Lucia Moses | Claire Atkinson | ) www.businessinsider.com time to read: +5 min

Netflix's elevation of Greg Peters to co-CEO shows the importance of its advertising sales effort. But Bela Bajaria's rise to content chief has caused some confusion about the future of the TV and film organization. The Netflix veteran now shares the role with current co-CEO Ted Sarandos, as company cofounder Reed Hastings steps down and settles into an executive chairman position. The move made a lot of sense to industry insiders, and even publicly, Netflix had been signaling the ascension for some time. Netflix insiders said Bajaria's new title underscored the importance of TV versus film in the streaming wars.

☆ Tom Rogers: Reed Hastings's influence will continue in a big way despite the C-suite shake-up
▼ + stars: | 2023-01-20 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTom Rogers: Reed Hastings's influence will continue in a big way despite the C-suite shake-upTom Rogers, Engine Gaming & Media executive chairman, joins 'Squawk Box' to discuss his thoughts on Reed Hastings's decision to step down as Netflix's CEO.

☆ Reed Hastings is a 'one of a kind leader,' says early Netflix investor Paul Holland
▼ + stars: | 2023-01-20 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReed Hastings is a 'one of a kind leader,' says early Netflix investor Paul HollandPaul Holland, general partner at Foundation Capital and an early Netflix investor, joins 'Squawk on the Street' to discuss Netflix's recent earnings.

☆ Netflix stock jumps 6% after co-CEO Reed Hastings steps down and subscriber numbers soar
▼ + stars: | 2023-01-20 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Netflix shares rallied 6% ahead of Friday's opening bell after the company released its fourth-quarter results. Also, Co-CEO Reed Hastings announced he would be quitting his current role. The firm also announced that co-CEO Reed Hastings would be stepping down to become Netflix's executive chairman. Hastings co-founded Netflix in 1997 and oversaw its transition from DVD delivery service to a streaming behemoth and onetime Wall Street darling. Read more: Reed Hastings is stepping down as co-CEO of Netflix

☆ Here's what analysts think about Netflix's CEO change
▼ + stars: | 2023-01-20 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Reed Hastings' departure as co-CEO does little to change how analysts view Netflix , or the company's ability to accomplish its long-term strategies, analysts say. The streaming giant announced Thursday that founder Reed Hastings would give up his role after more than two decades and serve as executive chairman. The move came along with quarterly results that fell short of earnings estimates but showed subscriber numbers that far surpassed expectations . "The company's focus, in our view, has always been an underappreciated differentiator and we expect that focus to remain under new leadership." Despite the title change and a step back from day-to-day operations, analysts anticipate that Hastings will continue to be involved in longer-term decision-making.

☆ Morning bid: Netflix flickers
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +4 min

With the macro picture turning foggy again, streaming giant Netflix (NFLX.O) generated a rare bright spark in an otherwise gloomy corporate earnings season. But it has bounced back more than 60% from the lows of last June and the leadership shakeup may not shape the road ahead. With aggregate S&P500 earnings tracking a year-on-year contraction of about 3% for the fourth quarter, the Netflix news was welcome. In wider markets, a dour Thursday showed some retreat of the early year optimism on peaking central bank interest rates. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

"This was my road to Damascus experience, a turning point in my understanding of the role of talent density in organizations," Hastings wrote. Hastings credits the company's culture of internal transparency and innovation, which endows top-performers with unusual autonomy, for Netflix's success. "This is a big psychological change for Netflix," said Neil Saunders, managing director of GlobalData. "There's no big strategy shifts or big culture shifts," he said in a post-earnings video interview with an analyst. They'll also need to find new sources of revenue, including in video games -- where Netflix will confront established rivals.

☆ Netflix founder Reed Hastings is giving up CEO role
▼ + stars: | 2023-01-19 | by ( Rebecca Picciotto | ) www.nbcnews.com time to read: +1 min

Netflix’s Reed Hastings is giving up his CEO role but will remain on as chairman, the company announced along side its earnings report Thursday. Greg Peters, most recently Chief Operating Officer, will assume the post of co-CEO in Hastings’ place. Sarandos was promoted to co-CEO alongside Hastings in July 2020, the same time that Peters was appointed to his COO role. The succession announcement comes alongside the company’s fourth-quarter earnings report. The succession announcement comes alongside the company’s fourth-quarter earnings report.

☆ Netflix founder Reed Hastings is giving up his CEO role
▼ + stars: | 2023-01-19 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Netflix co-founder and CEO, Reed Hastings, is in Sydney to meet with executives of other subscription streaming services, February 25, 2022. Netflix founder Reed Hastings is giving up his CEO role but will remain on as chairman, the company announced alongside its earnings report Thursday. Hastings co-founded Netflix in 1997. Sarandos was promoted to co-CEO alongside Hastings in July 2020, the same time that Peters was appointed to his COO role. Scott Stuber, who was previously the head of global film, will step in as chairman of Netflix Film.

☆ In the fight against slowing growth, Netflix and its rivals are all in this together
▼ + stars: | 2023-01-19 | by ( Alex Sherman | ) www.cnbc.com time to read: +2 min

For the past three years, the global media and entertainment industry has been defined by the streaming wars. Last year, the streaming wars didn't end, but a metaphorical meteor approached the entertainment world in the form of slowing growth. Read more: Netflix founder Reed Hastings is giving up his CEO roleMedia companies have, at least momentarily, found themselves fighting against a common enemy – streaming subscriber fatigue. The old media world was defined by Netflix disrupting the legacy industry. Now, as Netflix goes, so goes the media world.

☆ New Netflix co-CEO Greg Peters is set for a big raise with more than $30 million in potential stock options and bonuses — on top of a $3 million salary
▼ + stars: | 2023-01-19 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

As co-CEO Peters will receive an annual salary of $3 million, according to an SEC report. Peters could also receive more than $17 million in stock options and a $14 million bonus. According to a filing with the SEC, Peters will be raking in an annual salary of $3 million. Added to that, he'll get an annual stock option allocation totaling more $17 million and is also on track to receive an estimated bonus of more than $14 million. Added to that, Hastings will receive $2.5 million in stock options, the report notes.

☆ Netflix added more Q4 subscribers than expected ahead of a shakeup in its executive ranks
▼ + stars: | 2023-01-19 | by ( Travis Clark | Samantha Delouya | ) www.businessinsider.com time to read: +3 min

Netflix added more than 7 million subscribers in the fourth quarter, significantly more than expected. Greg Peters, the company's former COO who led its push into advertising, will take over the role. The stronger-than-anticipated subscriber growth comes as the company announced a shakeup in its top ranks: Netflix's co-founder Reed Hastings has stepped down as co-CEO. Following this report, Netflix will no longer provide subscriber forecasts but will continue to provide revenue guidance. In his role as COO, Peters led the company's expansion into advertising as the company sought new revenue drivers.

☆ Reed Hastings is stepping down as co-CEO of Netflix
▼ + stars: | 2023-01-19 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +2 min

Netflix co-founder Reed Hastings has stepped down as co-CEO of the company after 25 years. Greg Peters, the streaming giant's COO, will take over as co-CEO with Ted Sarandos. As COO, Peters oversaw the launch of Netflix's new ad-supported tier and its expansion into Asia. Netflix's COO Greg Peters will step into the co-CEO role, joining Ted Sarandos, who has served as co-CEO since 2020, according to the company. In his final year as co-CEO, Hastings oversaw the successful launch of Netflix's new ad-supported tier and the company's latest attempts to crack down on password sharing.

☆ Netflix founder Reed Hastings stepping down as co-CEO
▼ + stars: | 2023-01-19 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —Netflix announced Thursday that its founder Reed Hastings is stepping down as co-CEO at the company and will serve as executive chairman. Hastings will be replaced by co-CEOs Ted Sarandos and Greg Peters. Under Hastings leadership, Netflix disrupted legacy movie rental companies like Blockbuster and helped shake up Hollywood by kicking off an arms race investing in original content. Last year, however, Netflix saw its stock and reputation take a hit after losing subscribers amid heightened competition from rival streaming services. In its earnings report on Thursday, the streamer said it added more than 7.6 million subscribers during the final three months of last year, well above the 4.5 million additions it had projected, for a total of more than 230 million subscribers worldwide.

☆ Stocks making the biggest moves after hours: Netflix, Nordstrom and more
▼ + stars: | 2023-01-19 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +1 min

In this photo illustration the Netflix logo seen displayed on a smartphone screen, with graphic representation of the stock market in the background. Netflix – Shares of Netflix jumped 6.3% after the company's per-share earnings came short of analysts' expectations. Nevertheless, the latest quarterly results showed the streaming service added millions more subscribers in the quarter than Wall Street anticipated. Nordstrom – Nordstrom shares fell 6.5% after the company cut its annual profit forecast for its fiscal year following weak holiday sales. Retail stocks – Following Nordstrom's weak holiday earnings report and year-end forecast, other retailers slumped.

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