News about Spotify

Skydance (NYSE:SKYD) rose 10% to $7.84 in afternoon trading, recovering part of the drop that followed the separate trading of its Class B shares and warrants. The SPDR S&P 500 ETF Trust gained 0.7%, while the Communication Services Select Sector SPDR ETF fell 0.7%, which makes Skydance's gain stand out as company-specific. Spotify slipped 0.6% and Walt Disney 0.2%. Skydance remains 16% below the $9.28 level at which it started trading on the NYSE, and it is scheduled to post its first combined quarter, Q3 2026, on November 9, with warrant pressure and integration of its studios and streaming services still in focus.

Netflix beat earnings expectations, but its Q4 revenue forecast of $13.44 billion fell short of Wall Street's estimates, sending the stock down 7% to $64.07 in morning trading. Several analysts cut price targets, with Needham downgrading to Hold from Buy and Barclays saying the stock 'may not recover through this year.' Netflix recently announced job cuts and named Peter Rice chief content officer, while management acknowledged U.S. growth is lagging, though churn improved year over year. Spotify fell 1% to $519.01 and Disney dipped 0.2% to $111.49, while the Communication Services ETF XLC fell 0.9% and the S&P 500 ETF SPY rose 0.3%.

A roundup of notable Wall Street research calls compiled by The Fly. Upgrades include Stephens on Texas Roadhouse (TXRH) to Overweight, Baird on Bank of America (BAC) to Outperform, BofA on BorgWarner (BWA) to Buy with an $85 target, BofA on CarMax (KMX) to Buy with a $65 target, and Barclays on Crocs (CROX) to Overweight. Downgrades include BofA on PayPal (PYPL) to Underperform, StoneX on Spotify (SPOT) to Hold with its target removed, JPMorgan and Goldman Sachs on Albertsons (ACI) to Neutral, KeyBanc on Cirrus Logic (CRUS) to Sector Weight, and Goldman Sachs on Par Pacific (PARR) to Neutral. Cited reasons include an attractive entry point for Texas Roadhouse, a weak Q3 setup for PayPal, and Apple supplier cuts pointing to lower iPhone units in 2027, which matters because about 80% of Cirrus Logic's revenue is tied to Apple.