Why Netflix Stock Fell Another 5% Today
Netflix (NASDAQ: NFLX) shareholders lost ground to a falling market on Tuesday as shares dropped 5% by 11 a.m. EDT compared to a 2.3% slump in the S&P 500. Netflix stock was caught in a wider move away from tech stocks and growth stocks, but the drop was also powered by unwelcome news from Best Buy (NYSE: BBY). Best Buy said before the market opened that first-quarter sales trends were weaker than management had expected in the Q1 period that ended on May 1.
