Netflix stock segments; Intuitive surgical pops after profits

Tax charges related to its business in Brazil contributed to a loss in profits for a major video streaming company, causing its shares to decline. Meanwhile, a provider of robotic surgical systems got a boost from better-than-expected quarterly results driven by an increase in procedures performed using its units.

Major US stock indexes fell as investors reacted to the latest earnings reports and awaited results from Tesla Inc (TSLA) after the bell. The S&P 500 lost 0.5%, while the Dow Jones fell 0.7%. The weak performance in the technology sector put pressure on the Nasdaq, which fell by 0.9%. See here for Investopedia’s full daily market summary.

Lennox International (LII) shares fell 10.2%. The HVAC and refrigeration solutions provider fell short of quarterly sales expectations, reflecting declines in its residential segment. The company said the difficult macroeconomic backdrop and the regulatory shift to new refrigerants impacted its performance.

Netflix (NFLX) reported lower-than-expected net income for the third quarter. The findings included a one-time tax expense of more than $600 million related to the video streaming giant’s business in Brazil. The country’s highest court decided earlier this year that a tax on cross-border payments could apply to a broader range of transactions, and Netflix took the blame given its potential to be subject to the ruling, CEO Spencer Newman said. Netflix shares fell 10.1%.

Coinbase Global (COIN) shares fell 5.4%, after prices of major cryptocurrencies fell. Bitcoin, which traded as high as $113,700 during yesterday’s regular session, fell below $110,000 overnight and remained below $109,000 throughout Wednesday’s session. Ethereum, the second-largest cryptocurrency, fell to about $3,800 today.

Shares of Intuitive Surgical (ISRG) rose 13.9%, the top performer in the S&P 500, after the robotic surgical device maker topped third-quarter sales and revised earnings estimates. The company highlighted a year-over-year increase in procedures performed using da Vinci and ION surgical systems and raised its full-year growth forecast for da Vinci procedures.

Avery Dennison (AVY), a maker of adhesive labels, also reported better-than-expected third-quarter results, helped by improved pricing and cost cutting. The company also announced a partnership with retail giant Walmart (WMT) to expand the use of radio frequency identification (RFID) labels to new categories of fresh foods. Avery Dennison shares rose 9.5% on Wednesday.

Shares of Boston Scientific (BSX) also got a boost from a strong earnings report, jumping 4% after the medical device maker beat third-quarter sales, revised earnings estimates and raised its full-year guidance. The company has benefited from strong sales of its electrophysiology products and Watchman, an implantable device for patients with atrial fibrillation.