NFLX - Nasdaq
Bad news, freeloaders: Your days of watching Netflix on your sister’s boyfriend’s cousin’s account may be numbered. The streaming giant plans to begin cracking down on rampant password sharing early next year, following the November launch of a lower-cost, ad-supported tier it hopes will entice moochers. With Netflix also announcing that it added a better-than-expected 2.4 million customers in the third quarter, and several analysts upgrading the shares, investors can splurge on subscriptions for all their cheapskate friends and relatives.
Olaplex Holdings (DOG)
OLPX - Nasdaq
Olaplex Holdings’ investors must be pulling their hair out. Shares of the company – which sells hair care products designed to restore damaged locks – plunged by more than half after Olaplex slashed its full-year sales and earnings forecasts, citing an uncertain economy, increased product discounting and “inventory rebalancing” by some customers. The root of the problem seems to be that people have cut short their spending on hair products, at least until the economy gets straightened out. I know, hair-larious.
SNAP - NYSE
There once was a business named Snap
Which owned Snapchat, the messaging app
But when revenue missed
Wall Street opened its fist
And gave Snap’s stock one heckuva slap
Generac Holdings (DOG)
GNRC - NYSE
Generac’s home backup generators are supposed to keep your lights on when a storm knocks out the electrical grid. But the company’s stock is having its own power failure. Already down more than 70 per cent from last year’s peak, the shares extended their skid after the company warned that third-quarter sales growth will be weaker than expected, prompting Generac to slash its full-year outlook. Adding to investors’ anxiety, the company said it will take at least until the middle of 2023 to work through its excess inventories. In the meantime, investors are freezing in the dark.
ALL - NYSE
You’re in good hands with Allstate – unless you’re an investor, apparently. Shares of the property and casualty insurer tumbled after it projected a loss of up to US$725-million in the third quarter, driven by inflation and severe damage caused by Hurricane Ian. With inflation remaining stubbornly high, insurers’ costs are rising for everything from rebuilding homes and replacing cars to settling bodily injury claims. Heck, even rental vehicles Allstate supplies to customers are getting more expensive. Easy fix: Give policyholders an electric scooter while their car is in the shop.