Netflix’s Post-Earnings Gain Evaporates as Tech Leads Market Lower

(Bloomberg) -- The glow from Netflix Inc.’s blowout earnings report only lasted a day.

Netflix tumbled as much as 5 percent, wiping out Wednesday’s gain that was sparked by a better-than-expected forecast for subscriber additions. The online TV network’s abrupt reversal came as technology and communications stocks led a slump in the S&P 500 Index.

Netflix is still up more than 80 percent this year, ranking among the top 5 performers in the S&P 500, which has gained 3.5 percent.

To contact the reporter on this story: Jeran Wittenstein in San Francisco at jwittenstei1@bloomberg.net

To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Richard Richtmyer

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