Stocks In News (Netflix, Inc., DGX, CIT)

Netflix, Inc.  (NASDAQ:NFLX) is the biggest loser in the pre-market session following the company reported a sharp drop in its subscribers count late Monday. Although, the company reported stronger than estimates third quarter results, but a loss of 8,10,000 subscribers during the quarter made investors nervous about the company’s prospectus.

The company reported profit of $1.16 a share on revenue of $822 million, topping analyst estimates of 94 cents in earnings on revenue of $812 million.

Going forward, Netflix projects to have profit in the range of $19 million to $37 million, or 36 cents to 70 cents a share on revenue of $875 million, worse than analysts’ estimates of profit of $1.10 a share on sales of $919 million.

Quest Diagnostics Incorporated  (NYSE:DGX) reported that it net income during the third quarter came at $189 million, or $1.18, topping analysts’ estimates by 7 cents a share. Revenue during the quarter grew 2.2% year-over-year to $1.9 billion for the third quarter, in line with analysts’ projections.

CIT Group Inc.  (NYSE:CIT) this morning reported its third-quarter results this morning. The company posted a net loss of $16 million, or 8 cents per share, reversing a year ago profit of $116 million, or 58 cents a year earlier. The company said on Tuesday it funded $1.9 billion in new loans and leases in the quarter, an increase of 8 percent compared with the second quarter.

Analysts were estimating the company to report a loss of 24 cents. However, it was not clear immediately if the results were comparable.


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