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Monday, October 16, 2023 5:23:43 PM
Netflix (NFLX) Stock Brushes Off Pre-Earnings Bear Notes
By: Schaeffer's Investment Research | October 16, 2023
• UBS and Guggenheim both cut their price targets on NFLX
• NFLX sports a 23% lead for 2023
Netflix Inc (NASDAQ:NFLX) stock is up 1.8% at $362.13 at last check, brushing off price-target cuts from UBS and Guggenheim to $500 and $460, respectively. This comes ahead of the streaming giant's third-quarter earnings report, due out after the close on Wednesday, Oct. 18. The stock is looking to stage a bounce from the $350 region after its September rejection at the $450 area. So far this year, NFLX is up 23%.
The security has a generally negative history of post-earnings reactions. NFLX finished five of its past eight next-day sessions lower, including an 8.4% drop in July. The shares averaged a move of 12.4% in the last two years, regardless of direction, with the options pits pricing in a move of 12.2% this time around.
Netflix stock has been garnering bearish attention ahead of its report. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), NFLX sports a 50-day put/call volume ratio that sits higher than 86% of readings from the past 12 months.
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By: Schaeffer's Investment Research | October 16, 2023
• UBS and Guggenheim both cut their price targets on NFLX
• NFLX sports a 23% lead for 2023
Netflix Inc (NASDAQ:NFLX) stock is up 1.8% at $362.13 at last check, brushing off price-target cuts from UBS and Guggenheim to $500 and $460, respectively. This comes ahead of the streaming giant's third-quarter earnings report, due out after the close on Wednesday, Oct. 18. The stock is looking to stage a bounce from the $350 region after its September rejection at the $450 area. So far this year, NFLX is up 23%.
The security has a generally negative history of post-earnings reactions. NFLX finished five of its past eight next-day sessions lower, including an 8.4% drop in July. The shares averaged a move of 12.4% in the last two years, regardless of direction, with the options pits pricing in a move of 12.2% this time around.
Netflix stock has been garnering bearish attention ahead of its report. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), NFLX sports a 50-day put/call volume ratio that sits higher than 86% of readings from the past 12 months.
Read Full Story »»»
DiscoverGold
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