reports
- Dan Salmon
Netflix (NFLX, Neutral, $100 target) Light 1Q26 guidance and mixed eng...
What’s New: In our first take on tonight’s results, we dig into: 1. A mixed bag all around 2. Nothing particularly new on the WB deal 3. 1Q26 and 2026 guidance largely disappoints 4. Ad revenues finally disclosed, expected to double in 2026 to ~$3B 5. Buybacks paused to build cash for WB, bridge facility boosted
- Michael Piccolo
Daily Recap: RAPT/GSK, WBD/NFLX, MX, NSC/UNP, LEG/SGI, LULU, HON, SSP/...
Warner Bros. Discovery (NASDAQ: WBD - $28.58) and Netflix Inc. (NASDAQ: NFLX - $88.00)Summary of Proxy FIling Merger Background: The background section begins with WBD's December 2024 announcement to implement a new corporate structure with two operating divisions (Global Linear Networks and Stream
- Wedbush Research
KMX CARMAX INC.
TRIP TRIPADVISOR INC.
NVDA NVIDIA CORPORATION
MELI MERCADOLIBRE INC.
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
NFLX NETFLIX INC.
ROKU ROKU INC. CLASS A
SE SEA ADS
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- Matthew McCartney
- Wedbush Research
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TSLA TESLA INC
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QLYS QUALYS INC.
PSTG PURE STORAGE INC. CLASS A
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
NVCR NOVOCURE LTD.
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
MELI MERCADOLIBRE INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FTNT FORTINET INC.
FB FACEBOOK INC. CLASS A
CHKP CHECK POINT SOFTWARE TECHNOLOGIES LTD.
BCRX BIOCRYST PHARMACEUTICALS INC.
AXTI AXT INC.
ACRS ACLARIS THERAPEUTICS INC.
NFLX NETFLIX INC.
INOD INNODATA
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
WVE WAVE LIFE SCIENCES
ROKU ROKU INC. CLASS A
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
GM GENERAL MOTORS COMPANY
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
TENB TENABLE HOLDINGS
ESTC ELASTIC N.V.
LYFT LYFT
CRWD CROWDSTRIKE HOLDINGS INC. CLASS A
SMCI SUPER MICRO COMPUTER
U INC.
TLS UNITY SOFTWARE
DASH TELOS
AI DOORDASH
PLTR C3.AI
VRDN PALANTIR TECHNOLOGIES
IMNM VIRIDIAN THERAPEUTICS INC
PLTK IMMUNOME
STX PLAYTIKA HOLDING
APP SEAGATE TECHNOLOGY HLDGS PLC
GFS APPLOVIN CORP
PL GLOBALFOUNDRIES INC
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TYRA SENTINELONE INC
ARTV TYRA BIOSCIENCES INC
SERV ARTIVA BIOTHERAPEUTICS INC
SNDK SERVE ROBOTICS INC
SANDISK CORP
- Alicia Reese
- Kade Barr
- Matthew McCartney
- Scott Devitt
- Michael Piccolo
Morning Recap: WBD/NFLX, HON, PANW, LHX, GNK/DSX, COMP, RGR, CLSK, TCO...
L3Harris Technologies Inc. (NYSE: LHX - $341.24)Update On Upcoming Spin-Off; Pentagon to Invest $1 Billion in Missile Solutions Unit Upon Completion. The U.S. government announced on January 13, 2026, that it will invest $1 billion in LHX's rocket motor business through a convertible security that
- Wedbush Research
UBI UBISOFT ENTERTAINMENT SA
WDC WESTERN DIGITAL CORPORATION
VRNS VARONIS SYSTEMS INC.
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TRIP TRIPADVISOR INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
QLYS QUALYS INC.
PSTG PURE STORAGE INC. CLASS A
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
HURN HURON CONSULTING GROUP INC.
GOOGL ALPHABET INC. CLASS A
FTNT FORTINET INC.
FB FACEBOOK INC. CLASS A
EXPE EXPEDIA GROUP INC.
ETSY ETSY INC.
EBAY EBAY INC.
BIIB BIOGEN INC.
AXTI AXT INC.
NFLX NETFLIX INC.
CDR CD PROJEKT S.A.
7974 NINTENDO CO. LTD.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
EA ELECTRONIC ARTS INC.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
RCKT ROCKET PHARMACEUTICALS
MSFT MICROSOFT CORPORATION
ZG ZILLOW GROUP INC. CLASS A
BKNG BOOKING HOLDINGS INC.
TENB TENABLE HOLDINGS
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
CRWD CROWDSTRIKE HOLDINGS INC. CLASS A
STOK STOKE THERAPEUTICS
SMCI SUPER MICRO COMPUTER
IDYA INC.
PRAX IDEAYA BIOSCIENCES
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TVTX UNITY SOFTWARE
DASH TRAVERE THERAPEUTICS INC
ABNB DOORDASH
PLTK AIRBNB INC. CLASS A
RBLX PLAYTIKA HOLDING
DAWN ROBLOX
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DDI RIGETTI COMPUTING INC
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CART EMBRACER GROUP AB
RBRK MAPLEBEAR INC.
ORKA RUBRIK INC
ORUKA THERAPEUTICS INC
- Wedbush Research
WDC WESTERN DIGITAL CORPORATION
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
IMAX IMAX CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
AXTI AXT INC.
NFLX NETFLIX INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
ROKU ROKU INC. CLASS A
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
PINS PINTEREST INC. CLASS A
SMCI SUPER MICRO COMPUTER
RVMD INC.
CRSR REVOLUTION MEDICINES
RBLX CORSAIR GAMING
STX ROBLOX
TTD SEAGATE TECHNOLOGY HLDGS PLC
GFS THE TRADE DESK
INC.
GLOBALFOUNDRIES INC
- Alicia Reese
- Kade Barr
- Matthew McCartney
- Gary Brode
- Blair Levin
Trump Helps/Hurts/Muddles PSKY Effort, Illustrating Ellison Antitrust ...
President Trump has said that the ownership of CNN must change, a potential sign that he is likely to instruct his DOJ to block the proposed NFLX purchase of WBD, as CNN is not part of the deal, while it would be part of a PSKY deal. In this quick note, we discuss how that comment illustrates the Ellison Antitrust Paradox we wrote about earlier this week.
Moody's Ratings affirms Netflix's A3 rating, changes outlook to stable...
Moody's Ratings (Moody's) affirmed Netflix, Inc.'s (Netflix) A3 senior unsecured notes ratings and Prime-2 short-term commercial paper program rating. The outlook was changed to stable from positive. On December 5, 2025, Netflix and Warner Bros. Discovery, Inc. (WBD, Ba1 RUR DNG) announced that ...
- Blair Levin
The Ellison Antitrust Paradox: They Need Trump but Trump Card Could Ba...
PSKY has challenged the WBD board decision to accept the NFLX bid to buy WBD, arguing that WBD is “pursuing an inferior proposal” that would lead to “a challenging regulatory approval process.” In this note we quickly identify several problems with the Ellison approach that we have not seen reflected in the coverage this morning.
- Wedbush Research
MU MICRON TECHNOLOGY INC.
MCS MARCUS CORPORATION
INTC INTEL CORPORATION
IMAX IMAX CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
CNK CINEMARK HOLDINGS INC.
AMC AMC ENTERTAINMENT HOLDINGS INC. CLASS A
NFLX NETFLIX INC.
EGHT 8X8 INC.
PTGX PROTAGONIST THERAPEUTICS
ROKU ROKU INC. CLASS A
AMZN AMAZON.COM INC.
AAPL APPLE INC.
NICE NICE LTD
DOCU DOCUSIGN INC.
LYFT LYFT
PINS PINTEREST INC. CLASS A
UBER UBER TECHNOLOGIES INC.
ORIC ORIC PHARMACEUTICALS
PRAX PRAXIS PRECISION MEDICINES
XOS XOS INC.
ALIT FOLEY TRASIMENE ACQUISITION CORP
TTD THE TRADE DESK
GMTX INC.
NUVL GEMINI THERAPEUTICS INC
CART NUVALENT INC
BCAX MAPLEBEAR INC.
BICARA THERAPEUTICS INC.
- Alicia Reese
- Kade Barr
- Matthew McCartney
- Alicia Reese
- Kade Barr
- Matthew McCartney
- Scott Devitt
- Alicia Reese
- Kade Barr
- Matthew McCartney
- Seth Basham
- Dan Salmon
Netflix (NFLX, Neutral, target lowered to $100) NFLX + WB First Take:...
This morning NFLX announced a definitive agreement to acquire Warner Brothers for $82.7 billion in cash and stock, with $50B of new debt financing supporting the cash portion of the bid. This implies 25x pre-synergy EV/EBITDA, or 14x after ~$2.5B in cost savings.
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