Netflix Flounders

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Netflix, Inc. NFLX shares were trading lower by $2.19 at $98.87 in Friday's session. It has been a rough week for the issue as it has declined from last Friday's close ($117.63) to south of $100.

The weakness early in the week may be attributed to the announcement that Apple Inc. AAPL is considering producing original programming, which would result in direct competition from the tech behemoth.

In today's session, the issue made only its second intra-day low under $100 since July 15. Of course, the lowest one was made last Monday when it bottomed out at $85.50. The other occasion was on July 15 when it bottomed at $97.05.

It should be noted that was the low following its 7-for-1 stock split, which provided the launching pad for the monster rally to its all-time high that was made at $129.29 on August 5.

Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPremarket outlook
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