Tech Roundup: Netflix's crash, IBM's rise and Elon Musk's ongoing run at Twitter
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Activity in the tech-sector this week was highlighted by the start of the season's earnings reports, with Netflix (NASDAQ:NFLX) taking a beating, IBM (NYSE:IBM) getting a lift, and the likes of AT&T (T) and Verizon (VZ) also finding their way into investors' sights.

Oh, but don't worry...There was still plenty going on with Tesla (TSLA) Chief Executive Elon Musk and his unsolicited bid to take over Twitter (NYSE:TWTR). That soap opera is a long way from going off the air.
We might as well get the bad news out of the way. Netflix (NFLX) reported its first-quarter results on Tuesday, and by the end of trading on Wednesday, the company's looked like Wile E. Coyote after an anvil fell on his head. Netflix (NFLX) shares plunged 35% thanks to the company reporting a decline in subscribers, forecasting more losses ahead, and, in general, suggesting that it might have just reached its limit as far as new subscriber growth is concerned.
In order to counter revenue lost from declining subscribers, Netflix (NFLX) co-Chief Executive Reed Hastings suggested the company could introduce an ad-supported level that would cost less than current subscription plans. The company is also expected to begin cracking down more on customers who share their account credentials with people outside of their households.
Meanwhile, noted investor Bill Ackman decided he had had enough of Netflix (NFLX) as his Pershing Square firm sold all of its Netflix (NFLX) stock and took a loss of more than $400 million on the investment.
Needless to say, by the end of the week, all of Netflix's (NFLX) share losses led to speculation that the company's shares might be worth buying up right now.
Meanwhile, IBM (IBM) reported that its emphasis on software, consulting services, and the "hybrid cloud," are continuing to pay off. Big Blue reported better-than-expected first-quarter results, and by the end of the week, its shares and climbed by more than 10% on anticipation of more revenue growth ahead.
AT&T (T) delivered its first quarterly report since spinning off its media properties into the new Warner Brothers Discovery (WBD), and Chief Executive John Stankey said the results touted a "new era" for the long-time telecom giant.
AT&T (T) rival Verizon (VZ) found the going rough after it reported first-quarter results that could best be described as "mixed". On Friday, Verizon (VZ) posted quarterly earnings that were essentially flat with a year ago, while revenue rose just 2% over the first quarter of 2021.
But, even with all those high-profile earnings reports, the drama between Elon Musk and Twitter (TWTR) remained foremost in many investors minds, and showed no signs of resolution any time soon.
Among the highlights in the Musk-Twitter (TWTR) situation:
Twitter (TWTR) gave more details about a poison pill plan it has activated in an attempt to derail Musk's proposed buyout.
Some analysts questioned whether Musk's efforts will succeed, while there were also reports that suggested Twitter (TWTR) was unlikely to see any white knights ride in to counter Musk's offer.
Meanwhile, Musk himself couldn't stay off of Twitter (TWTR) as he tweeted out a fill-in-the-blank statement that seemed to suggest he was either reading one of F. Scott Fitzgerald's most-famous works, or listening to one of Jackson Brown's early 1980s hits. And by the end of the week, Musk had confirmed he had secured more than $46 billion in financing to support a tender offer for all of Twitter's (TWTR) stock.