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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Netflix (Nasdaq: NFLX ) continued their slide today, falling 13% so far in intraday trading.
So what: Momentum traders piling on and continued speculation about who's going to end up buying Hulu is putting pressure on shares today. The only real "significant" news is that Justin Bieber's movie, Never Say Never, will be available for streaming in Canada tomorrow.
Now what: I really hope that Justin Bieber doesn't have the kind of impact on the stock market to cause this move, so I'll point more to continued downward pressure on the stock. Shares have been beaten up for quite a while now, and even though I haven't been high on the stock in the past, the price is starting to turn my view. Shares now trade at just 17 times forward estimates, and rumors are swirling that Amazon.com (Nasdaq: AMZN ) is interested in buying Netflix, which would provide a nice jolt if they come true.
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