Netflix crashed after the opening bell on Monday, and is down 11% at the time of writing (though it has been bouncing around).
The entire stock market is getting annihilated, especially tech and media stocks. But Netflix’s stock has been falling for the past several days, and shows no sign of letting up.
The initial Netflix downturn began on Thursday, when media stocks began to fall after Disney and Time Warner were downgraded by analysts from Sanford C. Bernstein, who changed their rating from “outperform” to “market perform.”
But Netflix has continued to plummet to a much greater degree than other traditional media properties.
Prominent tech stocks like Facebook, Apple, and Twitter are also down. Apple’s share price fell below $US100 at one point during trading today. But Netflix is leading the nosedive.