Netflix shares plummet as US tech stock struggles after yesterday's tumble
NETFLIX shares have fallen once again after FAANG stocks (Facebook, Apple, Amazon, Netflix, and Google) took a tumble yesterday.
Netflix shares fall
Netflix fell to $289 a drop of 10 points or 3.6 percent.
Members of the FAANG stocks today fell. FAANG is an acronym for the five most popular and best performing tech stocks in the market, namely Facebook, Apple, Amazon, Netflix, and Alphabet’s Google.
Amazon fell by 5.7 percent and Apple by 2 percent. Facebook shares however rose by 1.12 percent, Alphabet, the parent company of Google, also saw shares up by 0.96 percent.
Goldman Sachs cutting its iPhone sales estimate due to weaker-than-expected demand hurt Apple.
Amazon shares have fallen by 5.7 percent
The Nasdaq composite fell for a second straight day on Wednesday, with FAANG placing pressure on it. The S&P 500 was 0.1 percent weaker.
This weakness in Wall Street managed to spread to European shares. The European-wide Stoxx tech index dropped by 1.9 percent.
Ian Williams, analyst at Peel Hunt said: “Hopes for a short-term rebound may have been quashed by an unnerving session in the US. It is still too early to herald the end of the correction, with the technical picture remaining precarious.”
Netflix shares have dropped despite Barclays giving the company a price-tarter hike to $335.
Yesterday saw Tesla shares fall in the wake of the fatal car crash in California last week involving one of its cars.
The company shares have dropped to $260, a fall of 6.61 percent.