Hot Stocks: NFLX plunges after sub loss; PG, NDAQ earnings; Musk/TWTR drama continues
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Netflix (NASDAQ:NFLX) took center stage in Wednesday's pre-market trading, with shares of the video streaming service losing more than a quarter of their value in the wake of the firm's latest quarterly report. The slide came as the company lost subscribers and warned of revenue growth headwinds in the face of mounting competition.
Procter & Gamble (PG) and Nasdaq (NDAQ) saw a more benign reaction to their quarterly reports. Both stocks experienced buying interest immediately after the announcement of their earnings results.
In other news, Elon Musk remained in the headlines. The Tesla boss dropped another hint that he was considering a tender offer to acquire Twitter (TWTR).
Decliner
Shares of Netflix (NFLX) plunged before the opening bell, dragged down by weak earnings and guidance. The stock retreated 27% and was on track to open at a new 52-week low.
The streaming service beat expectations with its bottom-line figure. However, the firm showed uninspiring revenue growth and reported the loss of 200,000 subscribers -- its first loss in a decade.
NFLX also warned of challenges ahead, saying its revenue expansion "has slowed considerably" in the face of high household penetration and rising competition.
Gainers
Procter & Gamble (PG) pushed higher in pre-market action following the release of its Street-beating earnings. The company's profit topped expectations, fueled by 7% revenue growth. The top-line figure reached $19.4B, exceeding analysts' consensus by more than $700M.
In addition, PG raised its outlook for 2022. The company said it now expected sales growth of 4% to 5%. This compared to its previous forecast of 3% to 4%. The new projection includes an estimate for organic sales growth of 6% to 7%. 
Bolstered by the earnings and guidance, PG rose 1.5% before the opening bell.
The release of financial figures also gave a lift to Nasdaq (NDAQ). Shares of the stock exchange advanced about 1% after edging past estimates with its Q1 profit. Revenue rose about 5% from last year to reach $892M.
Elsewhere in the market, Elon Musk added another episode in the ongoing soap opera surrounding his bid to acquire Twitter (TWTR). The world's richest person once again hinted at a possible tender offer for the social media giant, tweeting "___ is the Night" -- a likely reference to the F. Scott Fitzgerald novel "Tender Is the Night."
TWTR got a mild boost in pre-market trading following the tweet. Shares rose about 1% before the opening bell.

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