© Reuters.Investing.com -- U.S. stocks continued their record run Wednesday, as a surge Netflix underpinned an ongoing melt up in tech as the streaming giant delivered blowout quarterly subscriber growth just as the quarterly earnings season heats up.
By 14:10 ET (19:10 GMT), the was 13 points, or 0.04%, traded 0.4% higher, and had earlier hit a fresh intraday record of 4,903.64, while climbed 0.8%.
Netflix flies high after racking in subscribers in Q4; Tesla earnings due
Netflix (NASDAQ:) jumped more than 11% as the company signed up a hefty 13.12 million users during the three months ended on Dec. 31, a 71% surge compared to the year-ago period and markedly above analyst estimates of about 8.9 million. Revenue grew by around 12% year-on-year to $8.83 billion, also beating projections, overshadowing a miss on earnings per share.
The streaming giant touted further growth ahead, forecasting "healthy double-digit" annual top-line growth, prompting bullish calls from Wall Street analysts.
"With further catalysts ahead, such as full digestion of the advertising potential of WWE in 2025 and beyond, gaming expansion into more licensed IP, and growth in viewership (leading to accretion) on the ad tier, we raise our price target to $615 from $525.
The big name due to report after the close Wednesday is Tesla (NASDAQ:), with the electric vehicle manufacturer expected to forecast a 21% jump in deliveries this year. The guidance would be well below the long-term annual target of 50% put forward by CEO Elon Musk around three years ago, underscoring the intensifying competition Tesla faces in the EV market.
Advanced Micro Devices, ASML bolster chip stocks, but Texas Instruments (NASDAQ:) guidance weighs
Chip stocks rose more than 2%, led by a surge in the Advanced Micro Devices Inc (NASDAQ:) after New Street Research upgraded the chipmaker to buy on expectations that the AI revolution will spur chip demand.
On the earnings front, ASML Holding NV (AS:) ADR (NASDAQ:) reported Q4 results that beat on both the top and bottom lines, sending its shares more than 10% higher, but Texas Instrument failed to join in on the rally after reporting weaker-than-expected guidance.
AT&T, Dupont De Nemours, Kimberly-Clark falter on earnings stage
AT&T (NYSE:) stock falling 3% after the telecom giant forecast annual profit below market estimates as it lowered the value of its old equipment and grapples with competition from cable operators.
Dupont De Nemours (NYSE:) stock slumped 13% after the chemicals company announced that it expects to report a fourth-quarter loss compared to a year-ago profit.
Kimberly-Clark (NYSE:) stock fell nearly 5% after the consumer goods company’s fourth-quarter sales missed market expectations as price hikes softened amid choppy demand for its consumer goods products.
Abbott Laboratories (NYSE:) stock fell 2.5% after the medical device manufacturer reported lower-than-expected sales in its pharmaceuticals unit.
Treasury yields rise ahead of U.S. PMI data
Treasury yields inched higher as strogner and data for January, continued to point to underlying strength in the economy, suggesting there isn't a need for speed on Federal Reserve rate cuts.
Still, fourth-quarter GDP on Thursday and December's data on Friday, could filter into the Fed's thinking.
(Peter Nurse, Oliver Gray contributed to this article.)
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