Netflix ( NFLX) CEO Reed Hastings stepped down from Microsoft's ( MSFT) board on Tuesday. "I've decided to reduce the number of boards I serve on, so that I can focus on Netflix and on my education work," Hastings said in the statement. "I'm thrilled to have served on the board at such a pivotal time for Microsoft, including the development of Windows 8, Windows RT and Microsoft Surface, which will bring exciting new opportunities for customers and the industry as a whole." Netflix was also the subject of Wall Street attention this week, with Morgan Stanley upgrading the stock on Tuesday, and Bank of America Merrill Lynch downgrading shares on Wednesday. Shares of Netflix lost 3.4% for the week, closing at $64.34.
Amazon ( AMZN) CEO Jeff Bezos said in an interview what Wall Street has known all along. It doesn't make any money from its devices; it sells them at cost. In an interview with the BBC, Bezos said the Kindle Fire and Paperwhite e-reader don't turn a profit, but they do break even. Shares of Amazon plunged 6.2% this week to finish at $242.36.
AMD ( AMD) fell after it reported weaker-than-expected revenue on Thursday, as the PC market continues to decline. AMD expects third-quarter revenue of approximately $1.27 billion, down 10% sequentially. AMD previously expected revenue to fall 1%, plus or minus 3%, sequentially. Analysts surveyed by Thomson Reuters were looking for sales of $1.38 billion. "The lower than anticipated preliminary revenue results are primarily due to weaker than expected demand across all product lines caused by the challenging macroeconomic environment," AMD said in a press release. AMD, which reports official results Oct. 18, fell 15% this week to close at $2.74.
Next week earnings season is in full swing, with reports from big names such as Amazon ( AMZN), IBM ( IBM), Google ( GOOG), Microsoft ( MSFT) and eBay ( EBAY), which recently refreshed its Web site, making it cleaner and easier to navigate. Interested in more on eBay? See TheStreet Ratings' report card for this stock. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull