Netflix Trading Lower After Apple's iMovie Announcement

Apple

announced today that its iMovie has a steaming capability. As a result, the shares of Netflix

started moving sharply lower and were down as much as a 7.7% from the highs of the day. In the past two months Netflix has faces a lot of pressure from various new competitors and some analysts are expecting that the increasing competition will significantly hurt Netflix that is already operating at very thin margins. Netflix is currently trading at $105.24, a loss of $1.89 or 1.76%.