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Netflix stock heads for best day since January

Netflix Inc. shares (NFLX) are up more than 5% in Tuesday afternoon trading and on track for their largest single-day percentage gain in more than eight months amid a rebound for technology names and some optimism for the streaming giant's upcoming earnings report. The stock, which fell 1.6% in Monday's session, is on pace to finish Tuesday at a new record, above the current record close of $613.15 set Friday. Cowen & Co. analyst John Blackledge wrote Tuesday that he expects Netflix to report paid net additions of 3.63 million when the company posts results Oct. 19. That would come in slightly above Netflix's guidance of 3.50 million. Blackledge also noted that Netflix seems to be in strong favor with consumers, as 28% of those Cowen recently surveyed said that Netflix had the best video content, the highest percentage among streaming services mentioned. Netflix has a "back-half-weighted content slate that could drive higher gross adds," he continued. Shares of Netflix have risen 18.7% over the past three months as the S&P 500 has increased 0.2%.

-Emily Bary

 

(END) Dow Jones Newswires

10-05-21 1344ET

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