Wall Street Breakfast Podcast: Major Crowdstrike Outage

seekingalpha07-19

CrowdStrike cybersecurity platform glitch causes major Microsoft outage worldwide.Netflix surpasses revenue and user growth expectations, though free cash flow falls short.Align Technology reportedly ...

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Sundry Photography Listen below or on the go on Apple Podcasts and Spotify \n\n\n\n\n\n\n\n\nMajor tech outage from CrowdStrike (CRWD) hits Microsoft (MSFT) systems worldwide. (00:22) Netflix (NFLX) tops financial, user expectations, though cash flow growth pauses. (01:35) Align (ALGN) reportedly launching sales initiative through Costco. (02:36) This is an abridged transcript of the podcast. A major Microsoft (NASDAQ:MSFT) outage led to the 'blue screen of death' on several Windows systems, while users worldwide were unable to access Microsoft 365 services. This was caused by a glitch in an update of Crowdstrike's (NASDAQ:CRWD) cybersecurity platform Falcon Sensor. Microsoft (MSFT) said it resolved the issue overnight. Microsoft (MSFT) also resolved a majority of its cloud services that were hit by the outage in the Central U.S. region, which began around 6 pm ET on Thursday. A small subset is still experiencing residual impact. Air travel also hit a snag due to the outage. Frontier Airlines (ULCC), canceled 149 flights on Thursday and delayed 211 others because of the Azure outage, according to FlightAware. Frontier updated at midnight, “We are in the process of resuming flight operations.\" Sun Country (SNCY) and Allegiant (ALGT) also delayed and canceled flights on Thursday. The outage hit backend operations at multiple industry sectors, including airlines, banks, hospitals and broadcast media, across the world. Crowdstrike is down 13% premarket. Netflix (NASDAQ:NFLX) is down 1.2% premarket following it’s earnings report. The company surpassed revenue growth and user growth expectations in its second-quarter earnings, though free cash flow took a step back. Revenues grew 17% to $9.559B, topping consensus expectations for $9.53B, largely on the back of user growth: Paid memberships rose 16.5% on average to 277.65M globally (net adds of 8.05M) vs. consensus expectations of 273.78M gathered by Bloomberg. Earnings per share rose 48% and also topped expectations. The biggest shortfall vs. analyst consensus was in free cash flow, which dipped to $1.213B (vs. expected $1.6B) from a year-ago total of $1.339B, and last quarter's seasonally strong $2.137B. Align Technology (NASDAQ:ALGN) is reportedly launching a new sales initiative through retail giant Costco (COST). According to a recent note by Stifel, Align (ALGN) plans to launch an online program that allows Costco members to buy a $100 e-card from Costco.com that gives them a $400 credit for Invisalign treatment. In addition, they’ll receive an Invisalign Essential Bundle valued at $100. Align (ALGN) would then direct them to local preferred Invisalign providers participating in the promotion. Stifel said it expects the new program to be announced “imminently” and “take hold” in late July. The investment bank said it has a favorable view of the program as it redirects a “small subset” of the company's advertising spend and “may effectively reach new customers.” Stifel currently has a buy rating on Align (ALGN), with a price target of $400. More articles on Seeking Alpha: Why 'unloved' small-cap stocks are in store for a strong second half - Carson's Detrick SF Fed chief Daly says price stability yet to be achieved, 'we're not there yet' D.R. Horton Q3 earnings and revenue beat; announces $4B stock buyback Catalyst watch:  Shareholders of Hibbett (HIBB) will vote on the acquisition offer from JD Sports Fashion (OTCPK:JDSPY). The Federal Reserve and OCC will hold a joint hearing on the Discover Financial (DFS)-Capital One (COF) deal. It is the last business day before the blackout period for FOMC participants ahead of the July 30-31 meeting. New York Federal Reserve Bank President John Williams and Atlanta Federal Reserve Bank President Raphael Bostic are both scheduled to make public appearances. Biotech firm Lirum Therapeutics (LRTX) is expected to start trading after the company prices its IPO.  Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the red. Crude oil is down 0.2% at $82 per barrel. Bitcoin is down 1.7% at $63,000. In the world markets, the FTSE 100 is down 0.5% and the DAX is down 0.8%. The biggest movers for the day premarket: Hawaiian Electric (NYSE:HE) soared 38% following a Bloomberg report that stated the utility was among the companies that had tentatively agreed to pay more than $4B to resolve hundreds of lawsuits over last year's Maui wildfires. On today’s economic calendar:  10:40 a.m. Fed's John Williams Speech 1:00 p.m. Baker-Hughes Rig Count 1:00 p.m. Fed's Raphael Bostic Speech","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"Business Data","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2452952421"}