×
You will be redirected back to your article in seconds

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.

 

More Digital

  • patreon logo

    Patreon Now Has Over 3 Million Patrons, Expects to Pay $500M to Creators in 2019

    Membership services platform Patreon now has more than 3 million patrons who pay to support any of its over 100,000 creators every month, the company announced Wednesday. It’s also on track to pay more than $0.5 billion to creators this year. Patreon’s business is growing at a healthy rate. Payouts have been nearly doubling year-over-year [...]

  • YouTube TV

    YouTube TV Expanding to Cover Entire U.S., No International Launch Plans Right Now

    Soon, virtually anyone in the U.S. will be able to subscribe to YouTube TV, Google’s $40 monthly over-the-top internet television service aimed at cord-cutters. First launched in five cities in April 2016, YouTube TV has been available in the top 100 markets in the U.S., covering around 85% of households, for about a year. Starting [...]

  • BTF Media, Vince Gerardis Pact Sign

    NATPE: BTF Media, Vince Gerardis Pact for Six Projects (EXCLUSIVE)

    MIAMI — BTF Media, producer of breakout series “Hasta Que te Conocí” and “El Secreto de Selena,” is teaming with Vince Gerardis, a co-executive producer with George Martin on “Game of Thrones,” on a six-project co-production alliance. Spearheaded at BTF Media by founder-partner Ricardo Coeto, the agreement takes in the development and co-production of the [...]

  • Bob Bakish Variety Cover Story

    Viacom Has Acquired Pluto TV Streaming Service for $340M

    Viacom has acquired Los Angeles-based video streaming service Pluto TV for $340 million in cash, both companies confirmed Tuesday. “Today marks an important step forward in Viacom’s evolution, as we work to move both our company and the industry forward,” said Viacom CEO Bob Bakish in a statement. “Pluto TV’s unique and market-leading product, combined [...]

  • Bob PittmanVariety Entertainment Summit at CES,

    iHeartMedia Bankruptcy Plan Approved, CEO Bob Pittman's Contract Renewed

    A U.S. court has approved the bankruptcy plan of iHeartMedia, the biggest radio broadcaster in the U.S., which will shave down its crushing debt load and separate iHeartMedia from Clear Channel Outdoor Holdings. The company said chairman and CEO Bob Pittman and Rich Bressler, president, COO and CFO, have extended their contracts by four years. [...]

  • Instagram Logo

    Netflix Lets iOS Users Share Movies, Shows to Instagram Stories

    Netflix is tapping into Instagram Stories for some word-of-mouth promotion: The streaming video service rolled out a new Instagram integration Tuesday that allows iOS users to share their favorite movies and TV shows via Stories. To do so, users simply select the title of their choice within the Netflix iOS app, and then share it [...]

  • Brian Lockhart - ESPN+

    ESPN Hires NFL Media's Brian Lockhart to Head ESPN+ Original Content

    ESPN recruited Brian Lockhart, who has spent more than a decade at NFL Media, as executive producer of original content for the ESPN+ subscription-streaming service. Lockhart will oversee strategy and development for all ESPN+ original programming initiatives, including new projects as well as existing shows such as “Detail,” “More Than an Athlete,” “The Board Room,” [...]

More From Our Brands

Access exclusive content