Netflix shares are crashing today — down almost 8% as of this writing.
The entire stock market’s having a bad day, with tech stocks slumping across the board, but Netflix is faring worse than most.
Earlier today, several media stocks began to tumble as Disney and Time Warner were downgraded by analysts from Sanford C. Bernstein, who changed their rating from an “outperform” to “market perform.” Shares of CBS and Viacom are also down.
This is not the first time recently that investor confidence in Disney has set off a plunge for media stocks. Earlier this month, a decline in subscribers at ESPN caused a severe dip in major media stocks. Netflix, however, seemed impervious at the time.