Netflix Slumps on First Day of 2016 Trading in Global Routby
Shares down as much as 8 percent, most since October
Netflix downgraded by Baird, which cited its high valuation
Netflix Inc., the top performer in the Standard & Poor’s 500 Index last year, fell as much as 8 percent on the first day of trading in 2016 amid a global rout in the markets.
The video-streaming service was downgraded to neutral from outperform by Baird analyst William Power, who cut his 12-month target price to $115 per share from $128. The stock dropped 7.2 percent to $106.14 as of 10:30 a.m. in New York.