"An Extremely Crowded Long": NFLX Earnings Preview

Netflix earnings are due out after the closing bell.

As Goldman writes in its preview of what to watch into NFLX earnings, the first and most important thing is positioning "which skews (very) long and feels like Bulls are in set-and-forget / do-no-harm mode." Investors are looking for a beat on quarter with a Full Year guidance raise, especially given FX tailwinds. Other focus items will be capital return pacing and future strategic commentary (Ads, Live, Sports, EU/TF1).