Netflix stock shoots up toward biggest gain in 7 months
Shares of Netflix Inc.
shot up 3.8% in afternoon trading Thursday, to break out of recent trading range, to put them on track for the biggest one-day gain in seven months. The streaming video company’s stock was by far the biggest gainer among the components of the SPDR Communication Services Select Sector ETF
which edged up 0.2%, and was the fifth-best performer in the S&P 500
The stock’s breakout rally, which is the biggest since it soared 16.9% to its record close on Jan. 20 after fourth-quarter 2020 results, comes a day after the U.S. Securities and Exchange Commission charged three former Netflix engineers with insider trading of Netflix securities. Prior to Thursday’s jump, the stock had seesawed around the 50-day and 200-day moving averages, with both widely watched averages flatlining in a narrow range between $510 and $520 over the past month. On Aug. 16, the 50-DMA crossed back above the 200-DMA, to wipe out the bearish “death cross” pattern that had appeared on June 3. In addition, the 50-DMA rose to $519.79 on Thursday, the highest reading since May 11. Netflix’s stock has edged up 0.2% year to date, whilet the communications services ETF has rallied 10.1% and the S&P 500
has advanced 17.1%.
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