Bears have relinquished control over Netflix, pushing the stock to its lowest level since early January.
It’s been a tough quarter for Netflix, having shed over 30% since its peak in July. Whilst there were signs the bearish move was losing momentum, it struggled to break back above $00 before rolling over last week.
With Apple and Disney due to launch their streaming services in November, competition is heating up for Netflix, which is already competing with Amazon prime, HBP and Hulu. Add into the mix NBCUniversal’s “peacock” streaming service, the sector is looking crowded and as noted by Netflix CEO Reed Hastings, production costs are likely to rise. In turn, company earnings face many headwinds and prices could be headed for $230 over the coming weeks.
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