Stock Movers: Beyond Meat Soars, AT&T Gains Subscribers, Netflix Slides on Tax Dispute

Beyond Meat's Meme Stock Frenzy

• 🚀 Beyond Meat (BYND) shares doubled in pre-market trading, extending a four-day rally to nearly 1300% due to meme stock activity.
• 📈 The rally was fueled by social media mentions, bearish traders covering their bets, and the addition of Beyond Meat to the RoundHill meme stock ETF.
• 🛒 Further boosting the stock, the company announced increased availability of its products at Walmart stores.
• 📉 Despite the surge, one speaker noted a diminished shelf presence in supermarkets.

AT&T's Subscriber Growth

• 📶 AT&T (T) added more mobile phone and fixed wireless internet subscribers in the third quarter than analysts expected.
• 🎯 The company gained approximately 405,000 new mobile phone customers, driven by a heavy promotional push and promises of better network reliability and customer service.
• 📊 While subscriber numbers were strong, overall revenue fell short of estimates, though adjusted earnings per share were in line.
• ⚠️ The wireless business remains highly competitive with brutal churn.

Netflix's Stock Decline

• 📉 Netflix (NFLX) shares fell about 7% despite strong programming and record subscriber engagement.
• 🇧🇷 The decline was attributed to a multi-year tax dispute with Brazil, which impacted third-quarter earnings, requiring a settlement payment of approximately $619 million.
• 💰 The company also reported strong free cash flow, leading to speculation about potential mergers and acquisitions, including buying parts of Warner Bros. Discovery.

Other Market Movers

• 📊 Texas Instruments (TXN) shares were lower after the chipmaker issued a weaker-than-expected outlook, citing customer order slowdowns due to trade tensions.