2023-03-23 13:45:18 ET
Netflix stock ( NASDAQ: NFLX ) zoomed 8.5% by midday, making its biggest single-day gain in five months and leading S&P 500 gainers, as the market pulled off a broad bounceback from Wednesday's Fed-induced sell-off.
Netflix stock rose as high as 9.8% Thursday, with volume surpassing 10.5M shares early afternoon, easily outpacing average daily trading volume of 7.7M shares. ( The S&P 500 was up about 0.9% in aggregate, and Nasdaq up a solid 1.6% .)
Aside from the broader market, Netflix is part of a media-stock rally that is benefiting from some positive news threads. TikTok ( BDNCE ) CEO Shou Chew has undergone a Congressional grilling in his first appearance before U.S. legislators, and the appearance of momentum for a U.S. ban of the popular short-video app is lifting social-media short-video competitors: Meta Platforms ( META ) +3.2% , Google ( GOOG ) +2.4% ( GOOGL ) +2.6% , Snap ( SNAP ) +3.7% , Pinterest ( PINS ) +0.7% .
Netflix's streaming peers also rose in sympathy Thursday. Roku ( ROKU ) +1.4% , Paramount Global gained ( PARA ) +0.9% ( PARAA ) +1.2% , Warner Bros. Discovery ( WBD ) pared some gains and was up 0.7% , while Disney ( DIS ) rose 1.8% .
Videogame companies also made for a rally Thursday. NetEase ( NTES ) +5.5% and Tencent ( OTCPK:TCEHY ) +6.7% jumped following news of a new round of domestic game approvals in China, and U.S. publishers gained as well: Electronic Arts ( EA ) +2.6% , Take-Two Interactive Software ( TTWO ) +2.6% , and Activision Blizzard ( ATVI ) +1.9% . Ubisoft ( OTCPK:UBSFY ) was +1.1% . One notable exception is Roblox ( RBLX ), -2% .
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Netflix's 9% jump leads S&P 500 gainers as media names rally