Netflix Flounders
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Netflix, Inc. (NASDAQ: NFLX) shares were trading lower by $2.19 at $98.87 in Friday's session. It has been a rough week for the issue as it has declined from last Friday's close ($117.63) to south of $100.
The weakness early in the week may be attributed to the announcement that Apple Inc. (NASDAQ: AAPL) is considering producing original programming, which would result in direct competition from the tech behemoth.
In today's session, the issue made only its second intra-day low under $100 since July 15. Of course, the lowest one was made last Monday when it bottomed out at $85.50. The other occasion was on July 15 when it bottomed at $97.05.
It should be noted that was the low following its 7-for-1 stock split, which provided the launching pad for the monster rally to its all-time high that was made at $129.29 on August 5.
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