Netflix stock extends win streak, rises toward 4-month high

0

Shares of Netflix Inc.
NFLX,
+0.58%
rose 0.9% in afternoon trading Friday, putting them on track of a sixth-straight gain and a four-month high. The streaming video company’s stock streak of gains was highlighted by Thursday’s 4.2% breakout rally, which was the biggest one-day gain in seven months, even as the U.S. Securities and Exchange Commission charged three former Netflix engineers with insider trading of Netflix securities. Morgan Stanley analyst Ben Swinburne said in a recent note to clients that the second quarter should be the toughest in terms of year-over-year comparisons for most streaming services, “creating the opportunity for a reversal of performance from here through year end.” Netflix stock had lost 3.3% on July 21, the day after reporting a second-quarter profit that came up short of expectations and providing a downbeat subscriber additions outlook. The stock, on track for the highest close since April 20, has gained 1.5% year to date but has rallied 9.4% over the past three months, while the S&P 500
SPX,
+0.81%
has advanced 18.2% this year and gained 6.7% the past three months.

Source

Leave A Reply