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U.S. markets traded higher despite a rare earnings miss from JPMorgan Chase (JPM) – its first in 15 quarters – and the U.K. Parliament soundly rejected Prime Minister Theresa’s Brexit plan.
JPMorgan Chase, the largest bank in the U.S., reported a profit of $1.98 per share for the fourth quarter of 2018, well below analysts’ estimates of $2.20 per share, per FactSet. Weakness in trading and a write-down in the company’s private equity holdings were to blame.
Key Takeaways
- U.S. markets traded higher despite a rare earnings miss from JPMorgan Chase (JPM) – its first in 15 quarters – and the U.K. Parliament soundly rejected Prime Minister Theresa’s Brexit plan.
- The U.S. government shutdown, now the longest in history, continues to drag on and may soon eat into economic growth, according to the White House and various economists. Approximately 800,000 federal workers missed their first paychecks of the year, and several agencies are completely shut down amid the standoff.
- Netflix announced it is raising prices 15-18 percent for new subscribers. It’s the biggest increase in the company’s history.
U.S. Government Shutdown Continues
The U.S. government shutdown, now the longest in history, continues to drag on and may soon eat into economic growth, according to the White House and various economists. 800,000 federal workers missed their first paychecks of the year last Friday and several agencies are completely shut down amid the standoff. U.S. airports are mired in long security lines and Delta CEO says the shutdown will cost the airline $25 million.
Netflix Raises Prices
Netflix announced it is raising prices 15-18 percent for new subscribers. It’s the biggest increase in the company’s history. The streaming giant is set to report fourth-quarter earnings this Thursday after the close. Shares of the (NFLX) are up 6.5% today and 32% in 2019.
Brexit Parliamentary Vote
British Prime Minister Theresa May is forced to come up with a Plan B for Brexit after the U.K. Parliament soundly rejected her “Withdrawl Plan”, plan to have the UK leave the EU in late March. EU leaders had agreed to the plan back in November, but Parliament voted against it today after five days of debate.
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