Netflix Shares Rise After Seinfeld Announcement and Chewy Shares Tank After Q2 Earnings Disappoint
On Tuesday, shares of Netflix jumped, closing up 2.26%.
Shares of the American media company rose after the company announced the popular comedy series “Seinfeld” would come to its streaming platform.
Starting October 1, all 180 episodes of “Seinfeld,” one of the most successful TV sitcoms of the 1990s, will be accessible on Netflix.
In 2019, Netflix purchased the international rights to “Seinfeld,” which allowed the show to be shown on Hulu until 2021. The agreement was estimated to be valued at more than $500 million at the time, and it beat out proposals from rival streaming services as they rushed to sign up popular programming and new customers.
Shares of Netflix are up over 16% in the past three months.
On Tuesday, shares of Chewy closed down 0.78% in the regular session before plunging over 8% in after-hours.
Shares of the online pet retailer plunged after the company announced a disappointing Q2 earnings report.
The company lost $0.04 per share vs a loss of $0.02 per share as expected by analysts. Revenue grew roughly 27% year over year to $2.16 billion vs revenue of $2.20 billion as expected by analysts.
Chewy’s third-quarter revenue forecast of $2.20 billion to $2.22 billion fell short of analysts’ expectations as well. Analysts predicted $2.23 billion in third-quarter revenue.
Shares of Chewy are up nearly 13% in the past three months.
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