Shares of Netflix (NASDAQ: NFLX) were moving backwards today on reports that the company's ad business is stumbling out of the blocks. In fact, advertisers are asking the company to return some of the money that they had paid it. According to a report in Digiday, Netflix is missing the ad targets it had promised to advertisers because not enough members seem to have signed up for the new ad tier, which is priced at $6.99 per month in the U.S. Read More...
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Why Western Digital Stock Crashed, and Intel and Qualcomm Followed Today
In early trading, shares of Western Digital (NASDAQ: WDC), a manufacturer of computer hard disk drives and solid state drives, plunged more than 10%. Worse, the damage seems to be spreading throughout the computer hardware industry, with shares of semiconductors specialist Intel (NASDAQ: INTC) tumbling 3.3%, and Qualcomm (NASDAQ: QCOM) following everyone else lower — down 3.8%. This morning, Goldman Sachs (NYSE: GS) downgraded Western Digital stock from neutral to sell and cut its price target 28% to just $31 a share.
