Housing: The Case-Shiller housing index for August was slightly better than expected. As the chart below shows, aggregate housing prices have been floating in this range for about three years.
Case-Shiller Home Price Index (11 Years)
Consumer Confidence: Consumer Confidence for October was worse than expected. This indicator has been trending down for most of the year. The worse than expected reading did not affect the market, however.
Consumer Confidence (Six Years)
Netflix: Netflix dropped 35% today after they lowered expectations and said they lost roughly 800 subscribers. This stock has now lost almost $12 billion in market capitalization and has moved from over $300 to the mid $70s. Interestingly, but not surprisingly, a whole slew of Wall Street analysts downgraded the stock today, after telling investors to buy when the stock was over $300. Maybe this will end up being a time to buy the stock?
NFLX (One year)
Earnings: Earnings have been generally good. But, there have been some major disappointments like NFLX. As I write this, Amazon is trading down $40 after hours.
Market Today: The market opened down and weakened steadily throughout the day. Europe was once again in the forefront of the headlines as EU finance ministers further delayed debt-crisis discussion.
Have a good day! Brent
