Netflix Shares Decline as Stock Market Faces Difficult Trading Session
Netflix Inc. experienced a setback on Friday, as its shares fell by 1.60% to $583.95. This decline came amidst a challenging trading session for the overall stock market, with the S&P 500 Index dropping 0.48% to 5,005.57 and the Dow Jones Industrial Average decreasing by 0.37% to 38,627.99. As a result, Netflix's two-day winning streak came to an end.
Netflix closed at $9.82 below its 52-week high of $593.77, which was achieved on February 15th. The company's performance was not on par with its competitors, including Apple Inc., which dropped 0.84% to $182.31, Walt Disney Co., declining by 0.76% to $111.60, and Comcast Corp. Cl A, which fell 1.34% to $41.24.
The trading volume for Netflix amounted to 4.3 million shares, which was 896,136 shares lower than its 50-day average volume of 5.2 million shares.
Analyst comment
Negative news. As an analyst, I predict that the market for Netflix may continue to experience a decline in the near term due to the overall difficult trading session, underperformance compared to competitors, and a drop in trading volume.
