It’s not just “magnificent seven” stocks that feel the impact of the recent sale lawsuit.
High conflicts like Netflix (NFLX), AMD (AMD), Micron (MU), Dell (Dell) and Palantir (PLTR) have also been washed away during this latest market defeat.
Netflix’s stock has fallen by more than 10% since a month ago, with some Wall Street stocks warning that recent volatility shows more ominous photos of the current stock market.
“When the NFLX exceeds 9% in a day, we see that panic is beginning to appear,” Mizho analyst Jordan Klein wrote in a note to his client on Friday.
Klein said that while some analysts have recently called for the potential for a headwind of Netflix’s massive content spending and engagement, the company still “has “tax risk, pricing power and is feeling almost in a recession.”
So a massive daily decline in stocks “telling people now that they want to reduce all their exposure to stocks right now,” he said.
Other non-Mag 7 players have been highlighting this sentiment for a month now. AMD and Micron have decreased by about 13% and 6% respectively. A previous momentum play on Wall Street, Palantir’s shares plummeted 30%. Also, Dell stock fell by about 20% over the same period.
