Stock Market Today, March 3: Netflix Rises After JPMorgan Upgrade Powers Five-Day Rally
Trading volume reached 55.9 million shares, coming in nearly 8.6% above its three-month average of 51.5 million shares. Netflix IPO’d in 2002 and has grown 81,562% since going public.
How the markets moved today
S&P 500 (SNPINDEX:^GSPC) fell 0.95% to 6,817, while the Nasdaq Composite (NASDAQINDEX:^IXIC) slipped 1.02% to 22,517 as growth shares broadly cooled. Within entertainment, industry peers Walt Disney (NYSE:DIS) closed at $103.3 (-0.99%) and Warner Bros. Discovery finished at $28.2 (-1.05%), lagging Netflix’s modest gain.
What this means for investors
Netflix stock bounced even among a sea of red in the markets today. A five-day rally has lifted the streaming service stock nearly 25%. That rally came after investors anticipated, and received confirmation, that Netflix was walking away from its proposal to acquire much of Warner Bros. Discovery.
The company received a $2.8 billion termination fee after Warner Bros. deemed the bid by Paramount Skydance (NASDAQ:PSKY) superior. Investors applauded the company’s fiscal discipline after Netflix chose not to raise it’s offer.
Today’s move higher was supported by a JPMorgan (NYSE:JPM) upgrade that boosted its price target to $120. Investors will now watch as Netflix focuses on its core business and puts the termination fee windfall to work.
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Howard Smith has positions in Netflix and Walt Disney. The Motley Fool has positions in and recommends Netflix, Walt Disney, and Warner Bros. Discovery. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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