By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Big losses from Netflix Inc.
stood out in the tech sector Thursday following the
online-streaming video company's earnings results, which included a
weaker-than-expected number for new subscribers.
Investors also prepared themselves for what was expected to be
new iPads from Apple Inc. (AAPL) and Google Inc's (GOOGL) latest
quarterly results, set for after the close of trading.
But all eyes were on Netflix (NFLX), as its shares plunged 23%
to $344.13. Late Wednesday, Netflix said it added 3.02 million new
subscribers during the quarter, well short of its forecast of 3.69
million new subscriber additions. Netflix said the primary cause of
its shortfall was delayed reaction to a $1-per-month price increase
it implemented in May.
(Read more about what Netflix had to say about its results:
http://blogs.marketwatch.com/thetell/2014/10/15/new-subscribers-to-get-attention-with-netflixs-results-live-blog/.)
Netflix's report came on the same day that Time Warner Inc.'s
(TWX) HBO network said it would launch a standalone video-streaming
service next year.
Apple (AAPL) shares were off 1.5% at $96.14 ahead of an event at
the company's Cupertino, Calif. headquarters. Apple is widely
expected to show off new models of iPads and some new Mac
computers.
Google Inc. (GOOGL) fell by 1.6% to $532 in advance of the
company's third-quarter earnings report.
EBay Inc. (EBAY) fell 4% to $48.20 a share after the e-commerce
giant on Wednesday reported third-quarter earnings that topped
expectations, but sales that fell short of forecasts.
The tech-heavy Nasdaq Composite Index (RIXF) was off by 1% at
4,171.
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