Netflix Inc. (NASDAQ: NFLX) is playing a serious game of give back after it was the top S&P 500 stock in the first quarter. Shares doubled yet again during the bull market’s run up from January to March, but the drop on Wednesday is a drop of about 5.5% to $166.50, and shares are literally all over the place.
Drops like this are of course very interesting and mandatory to watch, but the speculation seems to have been that activist investor and billionaire Carl Icahn has started to unload the stock.
While we were looking for an explanation of today’s move, CNBC said that they have contacted Icahn and that he has not sold shares into the strength. The report said that Icahn has not sold a single share of the stock.
Netflix has been a serious mover, up almost 300% from the trough of 2012 to the peak of almost $200.00. Analysts have been playing catch-up here, and the reality is that they have by and large missed the boat, as the consensus price target on this stock listed by Thomson Reuters is down at about $139. Today’s trading volume of 5.6 million shares already has surpassed the daily average.
Are You Still Paying With a Debit Card?
The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.
Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!
Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!
Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.