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May 26, 2020, 2:45 p.m. EDT

Netflix's stock falls toward longest losing streak in nearly 10 months ahead of HBO Max launch

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By Tomi Kilgore

Shares of Netflix Inc. /zigman2/quotes/202353025/composite NFLX -0.05% dropped 3.0% in afternoon trading Tuesday, as the streaming video giant extended the pullback that appears to have been fueled by growing optimism over the easing of COVID-19-related lockdown restrictions. The decline comes a day before the launch of rival HBO Max, which is AT&T Inc.'s /zigman2/quotes/203165245/composite T -0.48% new streaming service. The stock was headed toward a six-straight decline, which would be the longest such streak since the six-day stretch ending Aug. 5, 2019. Meanwhile, CFRA analyst Tuna Amobi affirmed the buy rating on Netflix's stock. Prior to the losing streak, the stock had benefited from stay-at-home measures related to the pandemic, as movie theater closures helped fuel interest in streaming services. Benchmark analyst Matthew Harrigan, who rates Netflix a sell, said last week that he was worried the stock could be vulnerable to rotations away from COVID-19 safe-haven names. While Netflix's stock falls, AT&T shares gained 3.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.12% surged 1.9% Tuesday to top the 3,000 mark for the first time since March 5.

/zigman2/quotes/202353025/composite
US : U.S.: Nasdaq
$ 469.96
-0.24 -0.05%
Volume: 6.72M
Sept. 18, 2020 4:00p
P/E Ratio
79.29
Dividend Yield
N/A
Market Cap
$207.26 billion
Rev. per Employee
$2.22M
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/zigman2/quotes/203165245/composite
US : U.S.: NYSE
$ 28.93
-0.14 -0.48%
Volume: 45.86M
Sept. 18, 2020 4:03p
P/E Ratio
17.67
Dividend Yield
7.19%
Market Cap
$206.13 billion
Rev. per Employee
$637,332
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/zigman2/quotes/210599714/realtime
US : S&P US
3,319.47
-37.54 -1.12%
Volume: 4.09B
Sept. 18, 2020 5:15p
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