Netflix shares are up almost 13% in the US pre-market after the streaming giant raised prices for streaming plans in some countries and welcomed a gain of 9 million viewers in Q3.

Total Q3 income rose 8% and was around the previously expected $8.5bn.

The cost of a premium subscription plan in the UK is up by £2 and now costs £19.99, while in France the same subscription is up by €2 and in the U.S. by $3.

Netflix shares skyrocketed from $346.19 to $390.80 in extended trading on Thursday.

Despite ongoing Hollywood worker and actor strikes, which have caused Netflix to fill its slots with repeats and reality shows, the streaming platform gained up to 9 million viewers in Q3. And, according to the company, it expects to welcome at least the same number of new subscribers in the current quarter.

“These are the times I’m glad we have such a rich, deep, and broad programming selection,” Netflix co-CEO Ted Sarandos said about Q3 results. “The same was true during COVID, when we were able to manage the slate through a prolonged and pretty unpredictable production interruption.”

According to Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown,

“Subscribers were always going to be in the spotlight, and what a bright light they’ve been, with 9 million new paying additions to the Netflix fan club following a crackdown on account sharing. Blockbuster hits including Sex Education and The Witcher have helped attract and retain consumers with open wallets. The ongoing SAG-AFTRA negotiations are a lingering cloud, with disputes and the threat of prolonged production slowdowns increasing the risk of Netflix’s content slate being less than ideal, which is problematic when it doesn’t have the same back catalogue as Disney+ to fall back on.”

Finnish giant Nokia stated in a press release on Thursday that the company is planning to cut up to 14,000 employees as it aims to save up to €1.2 billion by 2026.

Nokia’s Thursday Q3 reports stated that quarterly comparable sales dropped 20%, while US sales are down 40% as the market remains unstable.

Letting go of up to 14000 employees will reduce Nokia’s annual staffing cost by 10-15% as part of their efforts to reduce gross costs by up to €1.2 bln by 2026.

Nokia’s shares are down 1.95% and are trading at €3.19 at the time of writing.

President and CEO of Nokia, Pekka Lundmark, said that the company´s “third quarter performance demonstrated resilience in our operating margin despite the impact of the weaker environment on our net sales. In the last three years, we have invested heavily to strengthen our technology leadership across the business, giving us a firm foundation to weather this period of market weakness.”

The CEO added that while she believed in Nokia´s long-term market attractiveness, “given the uncertain timing of the market recovery, we are now taking decisive action on three levels: strategic, operational, and cost. I believe these actions will make us stronger and deliver significant value for our shareholders”.

OnTheMarket has agreed to a £99m all-cash takeover by US-based CoStar Group at 110p per share.

OnTheMarket shares were trading up 52% at 107p at the time of writing on Thursday.

“OnTheMarket is the latest UK stock to receive a takeover offer, making it feel like a near-daily event as private equity and trade players seek to take advantage of cheap valuations on the UK market,” said Russ Mould, investment director at AJ Bell.

“Shareholders are being offered a chunky 56% premium to last night’s closing price by CoStar. It’s a classic move – a US business that is already an expert in the same sector is using the acquisition of a London-listed stock to expand into a new segment of the UK market. In CoStar’s case, the deal will give it a foot in the door for the UK residential property sector.

“OnTheMarket was set up as a rival to Rightmove and Zoopla, and while it didn’t necessarily cause those businesses too much stress, it did make slow but steady progress.”

OnTheMarket also released their half-year results on Thursday, revealing a 1% increase in revenue to £16.8m for the six months to 31st July.

Competitor Rightmove recently announced a 10% jump in revenue to £179.5m for the six-month period to 30th June.

Tekcapital announced further expansion of MicroSalt’s distribution network with the addition of Longs Drugs and 70 stores across Hawaii.

Longs Drugs is owned by $91bn market cap CVS Health.

“We are very excited about the placement of our SaltMe Low Sodium Crisps with the Longs Drug Chain. Excess sodium consumption is one of the leading contributors to hypertension and heart disease.  Placements like this are the best way to provide consumers with great tasting, healthy products with less sodium,” said Rick Guiney, CEO of MicroSalt®.

MicroSalt slashes the amount of sodium in foods and can help improve the health of those suffering from cardiovascular diseases. An estimated 31% of adults worldwide suffer from high blood pressure and other cardiovascular diseases.

Growth in MicroSalt’s distribution channels comes days after the announcement that MicroSalt’s IPO will be rescheduled with a new date expected in mid-November.

The FTSE 100 was firmly in the red on Wednesday as markets reacted to a higher-than-expected UK CPI reading which raised worries about additional rate hikes by the Bank of England.

A sense of complacency had crept into UK equities, with expectations of additional interest rate hikes this year diminishing. Today’s news will have been a major disappointment for investors hoping for a dovish end to 2023.

This disappointment played out in UK stocks on Wednesday, with the FTSE 100 down at 0.8% at the time of writing. The sell-off was broad and UK-facing sectors were the most heavily hit.

“Higher than expected UK inflation data has put the market in a spin, sending shares in housebuilders, airlines, banks and utilities into a downward trend. Sticky inflation strengthens the argument for further interest rate hikes, which in turn adds to pressures for consumers and businesses,” said Russ Mould, investment director at AJ Bell.

“Higher rates would pile on the pressure for the property market as the cost of borrowing goes up, explaining why the likes of Barratt Developments, Taylor Wimpey and Howden Joinery were the top three fallers on the FTSE 100. Banks would normally benefit from higher interest rates but the market seems to be worried that further hikes could increase bad debts.”

Taylor Wimpey and Barratt Developments were both down 3.8% at the time of writing, while Howden Joinery dumped 3.4%. Property website Rightmove lost 1.7% of its value.

Lloyds fell 1.5% and NatWest slipped 1.2%.

The FTSE 100’s defensive sectors had provided support for the index this week but this was absent on Wednesday as AstraZeneca fell 3% adding to the downside pressure.

Whitbread was the standout gainer, adding 3.2%, after releasing a strong set of half-year results. Repeat hotel guests helped profit before tax rise 44% as revenue surged 17%.

On Wednesday, leisure company Whitbread posted a 44% rise in first half-year profit and was the best performer out of the FTSE 100 at the time of writing.

Much of Whitbread’s increased profit was a result of strong consumer spending at Whitbread’s Premier Inn hotels and restaurants.

Whitbread’s overall revenue is up 17% to £1.6bn as its underlying pre-tax profit grew to 44% to £391m.

Furthermore, Whitbread stated a plan for a £300 million share buyback and a proposed interim dividend of 34.1p per share.

Whitbread CEO Dominic Paul said in a comment that post-pandemic steady demand for Premier Inn hotels and restaurants has been driving Primer sales up, stating that forward-booked revenue is ahead of last year.

According to Whitbread, 86% of their hotel customers were repeat visitors.

Overall, Whitbread’s increased investment focus led to the 2024 capex guidance being upped to £500–£550 million.

Derren Nathan, head of equity research at Hargreaves Lansdown, said in a comment that “the Premier Inn owner and the UK’s largest hotel chain have plenty of reasons to be cheerful. Strong demand from both business and leisure guests across regions and London drove accommodation sales up by 13%. This, coupled with a focus on cost efficiencies, saw the bottom line come in ahead of management expectations.”

“In the UK, supply is not expected to get back to pre-pandemic levels for at least five years, so there’s space for selective site expansion without crushing margins. And with net cash on the balance sheet, there’s also room to return cash to investors. The much smaller German operation is tantalisingly close to profitability, and the current pipeline should see the footprint in Germany expand by 6,000 rooms.”

“The outlook for consumers is likely to get more challenging. But for now, the mid-teens earnings rating doesn’t look too demanding, and momentum has carried over into the first six weeks of the second half in both the UK and Germany”, he added.