Short sellers leaned harder into Netflix (NASDAQ: NFLX) just as Elon Musk decided to cancel.
On Tuesday, September 30, Elon Musk publicly cancelled his Netflix (NASDAQ: NFLX) subscription due to ideological reasons, causing the streaming platform's stock to drop more than 2% the next day.
In the closing of the recent trading day, Netflix (NFLX) stood at $1, denoting a -2.34% move from the preceding trading day.
Netflix is facing calls of a boycott from Elon Musk over an animated show it aired that featured a transgender character.
CNBC's “Halftime Report” team detail their final trades and stock picks.
"Cancel Netflix for the health of your kids," Musk said in a post on X on Tuesday.
On Tuesday, September 29, Elon Musk announced he had cancelled his Netflix (NASDAQ: NFLX) subscription due to frustration with the company's decision to onboard creators with ideological views clashing with his own.
Netflix has regained momentum, with strong revenue growth, improved profitability, and a rising stock. The shift to advertising and new partnerships (Amazon Ads, MLB, AB InBev) adds extra revenue streams. Popular content boosts user engagement and strengthens the brand worldwide.
Netflix remains a "Hold" as shares appear overvalued, but momentum and profitability are strong ahead of Q3 earnings. Raised price target to $1,023 based on robust EPS growth projections and historical PEG ratio, despite elevated price-to-sales valuation. Key risks include rising competition, potential tariffs, and consumer spending slowdowns, but NFLX boasts industry-leading retention and liquidity.
Netflix (NFLX) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.
Netflix and Anheuser-Busch InBev have signed a global co-marketing deal to promote the streaming platform's most-watched titles and the brewer's beers, the companies said on Monday.
Matt Shapiro, a money manager for high net-worth clients, says disappointment over a Fed rate cut may offer a chance for investors to buy some “super companies.”