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Netflix had its worst trading day in almost two years on Monday, amid concerns over the escalating trade dispute between China and the United States and the sudden departure of the company's chief communications officer.
The broadcast giant was one of many technology-driven companies that saw their stock sink after several agencies announced that the Trump administration was preparing to impose limits on Chinese investment. in US technology companies and technology exports to China. US markets fell as US Treasury Secretary Steve Mnuchin called the reports "fake news".
The Netflix share has dropped about 6.5% to $ 384.48, which represents the largest single-day decline since July 19, 2016. The company's stock now has dropped for three consecutive days of transactions.
The reports have been made public on the first day of trading since Netflix said it fired Jonathan Friedland, its director of communications, after using racist insults at least twice in meetings with company employees. Netflix CEO Reed Hastings confirmed Friedland's departure in a memo to staff members last Friday and said his conduct had shown "unacceptable racial sensitivity and sensitivity".
Stocks dropped a few days after Netflix shares reached a record high with several Wall Street companies raising their price targets for the company. The streaming giant has 125 million paying subscribers in the world.
Even with the declines on Monday, Netflix shares are up more than 9% since the beginning of the month and more than 100% since the beginning of the year.
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