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Shares of Netflix Inc. were up nearly 4% during intraday trade on Wednesday, after UBS analyst Doug Mitchelson raised his 12-month price target on the company, saying analysis suggests that the streaming giant’s subscriber growth will be more than previously expected. Mitchelson said he expects the company’s second quarter growth momentum will be sustained through the third quarter. He expects Netflix to report domestic net adds of 850,000 and international net adds of 3.95 million. The FactSet consensus for domestic subscriber additions is 796,000, and for international adds is 3.64 million. “Based on the lackluster stock performance this quarter and investor expectations for an in-line quarter, we see near-term upside to shares if our analysis proves accurate,” Mitchelson wrote in a note to investors. “A strong third quarter performance this year without a big content release slate or new market launch should increase investor confidence in the size of the ultimate total addressable market, Netflix’s potential marketshare and its speed in getting there.” Piper Jaffray analyst Michael Olson also put out a note on Wednesday saying his analysis suggests upside for international and domestic subscriber adds in the third quarter. Olson, reiterated his overweight rating and maintained a $215 price target. Netflix will report third-quarter earnings on Oct. 16. Shares of the Los Gatos, Calif company are up nearly 50% in the year to date, while the S&P 500 index is up more than 13% and the Dow Jones Industrial Average is up almost 15%.

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The Dow Jones Industrial Average was trading in record territory on Wednesday, but its climb was being hamstrung by a downturn in shares of Apple Inc. Shares of the Cupertino, Calif.-based iPhone maker were down 0.8% or $1.13. A $1 swing in any one of the price-weighted Dow’s 30 components translates to a move of 6.89 points. The Dow touched a fresh intraday record in early trade at 22.663.35, but the decline in Apple was muting gains in 3M Co. and UnitedHealth Group Inc. . Apple’s share decline came as investors anticipated the debut of a fresh gadget lineup from Apple rival Alphabet-parent Google Inc. , including its Pixel phones. Overall, the Dow was up 11 points, or 0.1%, at 22,653, the S&P 500 index was trading flat at 2,533, while the technology-laden Nasdaq Composite Index was down 0.2% at 6,525.

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Apple Inc. is investigating reports that batteries in its iPhone 8 Plus have burst open, according to media reports Wednesday. A Taiwanese woman and a customer from Japan have reportedly sent pictures showing the damage, which may have been caused by the battery swelling due to gases inside the device. “We are aware and are looking into it,” an Apple spokeswoman told MacRumors. Apple shares were down 0.7% but have gained 32.4% in 2017, while the Dow Jones Industrial Average has gained 14.6% and the S&P 500 has gained 13.2%.

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Shares of Kraft Heinz Co. slid 1% Wednesday, after Goldman Sachs downgraded the food company to neutral from buy, citing margin driven risk to its per-share earnings. The move came as part of a broader recalibration of Goldman’s estimates and price targets for the food sector against a backdrop of input cost pressure and a lack of pricing power in the U.S. “KHC’s earnings growth has outpaced industry peers in
recent years as it captured cost savings related to its acquired Kraft asset,” analysts led by Jason English wrote in a note. “Cost savings, however, are beginning to deplete and while we see a path to top-line acceleration for the firm, we expect its magnitude of fundamental outperformance versus the group to wane.” Goldman is sticking with sell ratings on J.M. Smucker Co. , General Mills Inc. , Church & Dwight Co. Inc. and Procter & Gamble Co. . Kraft Heinz shares have fallen 11.7% in 2017, while the S&P 500 has gained 13.2%.

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U.S. stocks opened with modest losses on Wednesday, with major indexes set to take a pause after a series of record finishes. The Dow Jones Industrial Average slipped 5 points to 22,637. The S&P 500 was down 2 points to 2,533, a drop of 0.1%. The Nasdaq Composite Index was off 9 points, or 0.1%, to 6,523. All three indexes closed at records for a second straight day on Tuesday. In the latest economic data, private-sector employers added 135,000 jobs in September, fewer than had been expected, and down sharply from the 237,000 that had been added in August. Among the day’s most actively traded names, Mylan NV jumped 18% after the Food and Drug Administration approved its generic versions for Teva Pharmaceutical Industries Ltd.’s Copaxone, a drug for people with relapsing forms of multiple sclerosis. Shares of Teva dropped 14%.

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Wells Fargo & Co. said it plans to refund mortgage rate lock extension fees that were inappropriately charged during the period from Sept. 16, 2013 through Feb. 28, 2017. The planned refunds follows an internal review that determined some borrowers were charged fees, although the bank was primarily responsible for delays that made the extensions necessary. Wells said a total of $98 million in rate lock extension fees were assessed to 110,000 borrowers, although a “substantial number” of those were believed to be appropriately charged. The announcement comes as Wells Chief Executive Tim Sloan faced a Congressional hearing over a massive scandal that incentivized opening accounts fraudulently. The stock slumped 0.7% in premarket trade. It had gained 0.9% year to date through Tuesday, while the SPDR Financial Select Sector ETF had rallied 12.6% and the S&P 500 had climbed 13.2%.

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Puerto Rico general obligation bonds, as well as bonds issued by the utility Puerto Rico Electric Power Authority were trading at alltime lows early Wednesday, after President Donald Trump said the island’s debt may need to be wiped out. “They owe a lot of money to your friends on Wall Street and we’re going to have to wipe that out. You’re going to say goodbye to that, I don’t know if it’s Goldman Sachs , but whoever it is you can wave goodbye to that,” Trump said in a pre-recorded interview with Geraldo Rivera that aired on Sean Hannity’s show Tuesday night. The 8% GO bonds due 2035 were trading below 48 cents on the dollar, according to research firm CreditSights, while the Prepa 5% notes due 2037 were trading at 42 cents on the dollar.

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Shares of Real Goods Solar Inc. more than doubled on heavy volume in premarket trade Wednesday, after the company said it entered into an exclusive license agreement with Dow Chemical for its Powerhouse solar shingles system. Trading volume topped 1 million shares more than a half-hour prior to the open, compared with a full-day average of about 131,000 shares. Real Goods, also known as RGS Energy, will lead all commercial activities for the product, including supply chain management, marketing, sales and installation. The stock, which rose 118% premarket, had plunged 88% year to date through Tuesday. DowDuPont Inc.’s stock had climbed 23% and the S&P 500 had gained 13%.

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Shares of Acuity Brands Inc. plunged 8.8% in premarket trade Thursday, after the lighting and building management company beat fiscal fourth-quarter profit expectations but missed on sales. Net income for the quarter to Aug. 31 rose to $90.5 million, or $2.15 a share, from $82.9 million, or $1.89 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $2.55, above the FactSet consensus of $2.41. Revenue rose to $957.6 million from $925.5 million, but was below the FactSet consensus of $974.6 million. The company said the 3.5% growth in revenue resulted from a 4.5% increase in volume, which was partially offset by a 1% change in product prices and sales mix. Looking ahead, Chief Executive Vernon Nagel said he expects to see some “volatility in demand” among certain sales channels and geographies, due to the recent hurricanes that hit Florida, Texas and Puerto Rico. The stock had tumbled 16.5% over the past three months through Tuesday, while the S&P 500 had gained 4.4%.

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Shares of Monsanto Co. climbed 1% in premarket trade Wednesday, after the agriculture products company reported a surprise fiscal fourth-quarter profit and sales growth. Net income for the quarter to Aug. 31 was $20 million, or a nickel a share, after a loss of $191 million, or 44 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 20 cents, compared with the FactSet consensus for a per-share loss of 41 cents. Revenue rose to $2.69 billion from $2.56 billion, while the FactSet consensus was for a decline to $2.50 billion. Corn seed and traits sales rose 16% to $928 million, above the FactSet consensus of $804 million, while soybean seed and traits sales increased 22% to $304 million to top expectations of $246 million. Given the pending merger with Bayer, which is expected to close in early 2018, the company said it would not provide fiscal 2018 guidance. The stock has climbed 13.8% year to date through Tuesday, while the S&P 500 has advanced 13.2% and the Dow Jones Industrial Average has rallied 14.6%.

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