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Netflix stock lost nearly a third of its value after it lost 200,000 subscribers on a net basis, well short of its scaled-back guidance for additions of 2.5 million subscribers. And the earnings call set the stage for a lower-cost, ad-supported service.  Netflix's first subscriber loss in a decade left the company down to 221.64 million global subscribers. The streaming service is also forecasting a drop of 2 million net subscribers for the second quarter of this year.

 

Blackstone, the private equity firm announced a nearly $13 billion deal to acquire American Campus Communities, which owns more than 200 properties near universities across the country. The deal, which adds to Blackstone’s $500-billion-plus real estate holdings, comes as an activist investor pressured American Campus Communities to sell.

 

IBM reported better-than-expected first-quarter results led by strong performance in its software and consulting services businesses. IBM said that for the first three months of the year it earned $1.40 a share, excluding one-time items, on $14.2B in revenue. The results topped the estimates of Wall Street analysts.
 

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