Can Netflix Handle Competition? Street Say No

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em>Joel Elconin is the co-host of
Benzinga's #PreMarket Prep
, a daily trading idea radio show.
Netflix Inc.
NFLX
shares are trading lower by $13.00 at $647.93 in Monday's session, The S&P 500 index's top performer year to date has been under selling pressure since the open. The catalyst for the decline may be the announcement that Alibaba is set to launch an online video streaming service ‘Tmall Box office' in two months. Now along with Amazon Prime as well as other services a new threat to Netflix's dominance in the space may be emerging. The announcement by Alibaba on Sunday, instigated a sharply lower opening in the issue ($$650 vs, Friday's close of $660.93). The momentum continued to downside as it continued lower until it finally found support at $641.61 and staged a rebound, That marks the lowest for Netflix since it bottomed last Tuesday at $625.34 on its way to its all time high that was made the following day at $692.70, along with its all time high close of $671.10. l Since making its all time high it is poised to post its third lower close in a row.
Posted In: TechnicalsIntraday UpdateMoversTrading Ideas
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