Netflix Inc. fell for a seventh-straight day, its longest string of losses since March 2014, after a money manager told readers of the SeekingAlpha.com website to sell the stock.
Shares of the online streaming service slumped 3.9 percent to $94.90 at the close in New York. The stock, up 94 percent this year, is the top performer for 2015 in the Standard & Poor’s 500 Index.
Scott Tzu, an analyst with Orange Peel Investments, wrote that while subscriber growth at the online video streaming service remains strong, Netflix isn’t generating positive cash flow and competition for viewer dollars is increasing.
Time Warner Inc.’s HBO, Hulu and Amazon.com Inc. have all boosted their online offerings this year, while Apple Inc. is considering its own video streaming service.
Netflix, based in Los Gatos, California, fell for 11 straight days in March 2014, according to data compiled by Bloomberg. The company declined to comment on Tuesday’s trading.
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Netflix Trading At Lowest Level Since Flash Crash
shares were trading lower by $3 at $95.79 in Tuesday’s session. It is on its way to posting its sixth losing session in its last seven session since it closed at $117.66 on August 27. The lone outlier was September 1 when it posted a $0.76 gain.
It got a boost off the open from the sharp rise in the S&P 500 index futures. After ending the week at $98.79, it peaked at $102.50 shortly after the open and sharply reversed course.
So far, it has declined to $94.75 before rebounding back to the $96 level. While the broad market has maintained most of its gains following the August 24 flash crash, Netflix has not. In fact, in today’s session, it is trading at its lowest level since it bottomed that day at $85.50
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