The tech-heavy Nasdaq closed lower, weighed by streaming giant Netflix's surprise drop in subscribers, which shook investor confidence in other high-growth companies, fearful they may face similar post-pandemic performance issues
Register now for FREE unlimited access to Reuters.comFacebook-owner Meta Platforms, the next least valuable FAANG company, was worth about $550 billion on Wednesday, with its stock dropping about 7% as investors dumped a range of former stay-at-home winners in the wake of Netflix's report.
Portfolio managers who focus on high-growth stocks with pricey valuations may reflexively snap up Netflix' deeply discounted shares following Wednesday's selloff, putting aside the company's increasingly difficult challenges with market saturation, password sharing and uncertainty in markets such as Ukraine and Russia, predicted Jim Bianco, president of financial market research firm Bianco Research in Chicago.
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