Is Netflix About to Crash?
This story from Wall Street Cheat Sheet
Netflix (NASDAQ:NFLX) busted Blockbuster (PINK:BLOAQ). But now everyone is out to steal their market share. Are the first-mover good ‘ole days game-over?
If we add in recent weakness in the Nasdaq (NASDAQ:QQQQ), Netflix is in a very fragile position to break below technical levels which could instigate a crash.
Netflix’s Stock Chart is Setup to Rollover
The technical analysis of Netflix’s stock chart displays a very scary pattern taking shape:
The area between the blue lines is a place where lots of shares traded hands. If investors come in to support those prices as “buys on the dips”, the stock will be OK. If, however, the Nasdaq experiences a broad selloff and Netflix shareholders can’t offer more demand than supply, the stock appears to be in a position to crash.
When Best Buy is in Your Business, Things Done Changed
Last weekend I was in Best Buy (NYSE:BBY) grabbing the Twilight Saga for my wife. Guess what I saw? A HUGE new display for Best Buy Cinema Now: a new online movie/TV rental and purchase platform. My first thought: “Sucks for Netflix.”
Of course, Best Buy is just one of many high-powered companies attacking Netflix’s juicy market:
- Apple (NASDAQ:AAPL): Making progress with Apple TV.
- Google (NASDAQ:GOOG): Hoping to make progress with Google TV.
- Amazon (NASDAQ:AMZN): Bought the remaining shares of LoveFilm for an online rental and purchase presence.
- Time Warner (NYSE:TWX), Comcast (NASDAQ:CMCSA), Directv (NASDAQ:DTV), Dish Network (NASDAQ:DISH), AT&T U-Verse (NYSE:T) and Echostar (NASDAQ:SATS): Pushing hard for video on demand.
Every company has a life-cycle. With this many competitors, I’d say Netflix is now moving to a maturing high growth company. This means the super-sexy, uninhibited phase is coming to an end.
Will that spell doom for people willing to pay 70x earnings today? Let us know in the comments below …
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