I Predicted Netflix Would Soar After July 16. The Stock Is Down 6% Instead. Here's Whether I'm Still a Buyer.
I thought Netflix would crush this earnings season. I am the one who got crushed.
Overview
As a Netflix (NASDAQ: NFLX) shareholder for the last 24 years -- yes, two dozen years this October -- I'll be the first to concede that the value of my stake in the leading premium video streaming platform has withered lately. The shares are down more than 40% over the past year, cut nearly in half from the all-time high it notched in June of last year.
I was hoping that its second-quarter results earlier this month would reverse the bearish narrative. I was wrong. The stock went on to plummet 9% in the two trading days following its July 16 financial update. Despite inching higher over three of the four subsequent trading days, Netflix investors are still down 6% since its earnings report. My financial position in holding has weakened, but the same can't be said about my conviction.
Image source: Getty Images.
Details
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Originally published at www.fool.com.
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