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Netflix Stock Sinks Amid Tough Day for Tech Sector

Netflix saw its worst trading day in nearly a year amid a slump for many major tech stocks Monday.

The Los Gatos, Calif.-based streaming service was down nearly 4.7%, marking its biggest one-day downturn in 10 months. Netflix stock closed Monday at $178.58, sinking as low as $177.70 at one point.

Investors may have been scared off by an announcement from 21st Century Fox’s FX+, a new streaming service that disclosed its library had doubled and a new pay-TV partner was added. Cox Communications joins Comcast in offering FX+ for $5.99 per month.

Netflix took a similar tumble in August in the wake of a similar announcement from Disney with regard to its own streaming service plans. The conglomerate also indicated plans to pull some of its movies off of Netflix.

But Netflix may also have gotten caught up in a sector-wide slide that gripped plenty of other top tech stocks. Facebook dropped 4.6% to $162.82, while Snapchat and Twitter also got knocked down nearly 4%. Amazon, Alphabet and Apple registered smaller downturns in the 0.5-2% range.

An assortment of theories for the sector’s doldrums surfaced in the wake of the broad-based decline, though each company is also dealing with its own individual challenges. Apple is smarting from concerns about underwhelming demand for its recently revealed new iPhone models, for instance, while Facebook is seeing backlash regarding aborted plans to create a special share class intended to secure founder Mark Zuckerberg’s control of the company.

 

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