Why Netflix, Roku, and PG&E Slumped Today
Wall Street finished the week on a down note, with major benchmarks losing ground on Friday. Following a period of optimism that took markets close to new highs, the trade-tension pendulum seemed to swing back toward the more contentious side today after Chinese officials called off a trade delegation meeting with U.S. agricultural industry representatives. In addition, concerns in specific industries hurt overall sentiment. Netflix (NASDAQ: NFLX), Roku (NASDAQ: ROKU), and PG&E (NYSE: PCG) were among the worst performers. Here's why they did so poorly.
Both Netflix and Roku saw their stock prices drop today, with Netflix shares falling 5.5% and Roku's plunging a steeper 19%. Increased competition in the video-streaming industry has contributed to declines for both stocks, as new moves from players like cable giant Comcast showed that current leaders will have to fight to keep their positions in the space.
Image source: Netflix.
Source Fool.com
