Shares of Netflix Inc.
fell 1.0% in afternoon trading Friday, putting them on track to extend the pullback from the May 15 record close to five sessions. That would be the longest losing streak since the 5-day stretch ending Feb. 25, which is just before the COVID-19 pandemic lockdowns took hold; the shares have lost 4.9% during the current streak. The stock had been on a tear as investors viewed the streaming video giant as a beneficiary of stay-at-home measures implemented to thwart the spread of the COVID-19 virus. It had run up 52.0% from March 16 through May 15, while the S&P 500
had advanced 20.0%. Analyst Matthew Harrigan at Benchmark said in a note earlier this week, that he was keeping his sell rating on Netflix because he thought the stock was “quite vulnerable to any prospective market rotation out of COVID-19 safe-haven names.” He was also concerned that increasing competition in the streaming space could curb investors’ “rampant enthusiasm” for the stock.