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Netflix shares fell more than 30 percent early Wednesday after the streaming company reported a drop in subscribers for the first time in a decade. Netflix shares plunged more than 35 percent early Wednesday following disappointing results, while the Dow pushed higher in a mixed open for US stocks. The streaming giant caught Wall Street off guard for the second quarter in a row, reporting a drop in subscribers for the first time in a decade. Also Read: Netflix to bite the advertising bullet, but can it unlock Indian market potential? Also Read: Netflix tumbles as 200,000 users exit for first drop in decade Read More The company blamed the quarter-over-quarter erosion to suspension of its service in Russia due to Moscow's invasion of Ukraine. The drop in shares was reminiscent of the prior quarter, when a weak subscriber outlook sent Netflix shares diving. Netflix' plunge especially weighed on the Nasdaq, which was down 0.7 percent at 13,522.73. … [Read more...] about Netflix shares plunge more than 30% on lost subscribers

Share to Twitter Share to Linkedin Investors were on edge at the start of the week as concerns mounted about the health of the stock market rally ahead of the FOMC meeting and earnings from four tech giants. Many think that the January move higher in stocks was just a bear market rally even though the S&P 500 gained an impressive 6.18% while the Nasdaq Composite rose 10.7%. Many Wall Street strategists , who on average looking for stocks to close below current levels in 2023, think a recession is inevitable and that earnings valuations are too high. Stocks reflected the nervousness on Monday as they had the largest drop of the month with the Nasdaq 100 losing 2.1%. Apple AAPL , Inc. (AAPL) and Microsoft MSFT (MSFT) led the decline. This reassured the stock market bears as Morgan Stanley commented “We think the recent price action is more a reflection of the seasonal January effect and short covering after a tough end to December and a … [Read more...] about Tech Rally Scares Bears, Should It?