00:00 Wall Street finished mixed Thursday with earnings pushing the major indexes in opposite directions.
00:06 Johnson & Johnson gave a boost to the Dow, while Tesla and Netflix dragged down the Nasdaq and S&P 500.
00:14 The Dow closed up half of 1%, while the S&P lost 7/10, and the Nasdaq sank 2%.
00:22 Johnson & Johnson raised its 2023 profit forecast and its shares rose 6%.
00:28 While Netflix fell 8% after its revenue missed estimates, and Tesla plunged nearly 10%,
00:36 following a miss on gross margins and comments from Elon Musk about the possibility of more price cuts.
00:43 FortPit Capital Group senior investment analyst Brian Joukowsky said investors in these big losers Thursday are likely still winners in 2023.
00:53 Investors kind of gave them a pass in the first quarter in terms of their results and a lot of it was market performance was driven by hype.
01:01 So now we're kind of seeing do these numbers meet up with the hype and I think in the case of Netflix and Tesla,
01:06 you know, they both were underwhelming and so I think investors, to no surprise, are selling that off and maybe harvesting some of the gains that they already have year to date.
01:15 But take a step back and look at the big picture again, both of these companies have done really well.
01:20 One other mover, United Airlines, which added 3% after lifting its full-year profit outlook
01:27 and posting its highest-ever quarterly earnings on booming demand for international travel.
01:33 Economic data on Thursday indicated the labor market remains tight while the housing and manufacturing sectors continue to slump.
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