What Happened: Shares of Netflix Inc (NASDAQ:NFLX) are trading higher on Monday with the overall technology sector.
The Nasdaq composite is up more than 1.5% at press time, while the Dow Industrial Average is up only 0.06%. This is showing that investors are buying more growth stocks than value, a good sign for Netflix investors.
According to Benzinga Pro, last Friday, Netflix’s stock took a hit after a report broke that Netflix was asking employees to be careful about spending and hiring. Today’s bounce-back could be a sign that investors are shaking off the news from last week.
Also Check Out: Why Roku Stock Is Trading Higher Today
Why It Matters: Netflix’s stock took a big hit in January after an underwhelming quarterly earnings report. The stock dropped from around $500 to around $360, a 30% drop overnight. Since then, some big investors have come in buying the dip, including Bill Ackmann.
Price Action: Netflix’s stock opened at around $374 and is currently trading up to $394 a share, up about 5.5% on the day.
