Market Overview

Netflix Trading At Lowest Level Since Flash Crash

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

Netflix, Inc. (NASDAQ: NFLX) shares were trading lower by $3 at $95.79 in Tuesday's session. It is on its way to posting its sixth losing session in its last seven session since it closed at $117.66 on August 27. The lone outlier was September 1 when it posted a $0.76 gain.

It got a boost off the open from the sharp rise in the S&P 500 index futures. After ending the week at $98.79, it peaked at $102.50 shortly after the open and sharply reversed course.

So far, it has declined to $94.75 before rebounding back to the $96 level. While the broad market has maintained most of its gains following the August 24 flash crash, Netflix has not. In fact, in today's session, it is trading at its lowest level since it bottomed that day at $85.50.

 

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