Netflix Director Of UK Scripted Series Chris Sussman To Exit; Exec Was Behind Harlan Coben Series ‘Stay Close’ & Rowan Atkinson’s ‘Man Vs Bee’

Wells Fargo downgraded Netflix (NFLX) to 'underweight' from neutral, lowering its price target to $57 from $80. The firm cited an 8% drop in viewership time per subscriber per day in the first half of 2024 compared to 2023. Netflix shares fell nearly 5% on Friday, extending their year-to-date decline of 25%.

Generac (GNRC) shares rose after an $8B Amazon (AMZN) deal. Salesforce (CRM) CEO Benioff hinted at a potential 'tens of billions' gain from Anthropic. SpaceX (SPCX) gained $100B in market value. Netflix (NFLX) downgraded by Wells Fargo due to weak viewer trends. Sysco (SYY) shares fell after a $1B stock offering.

Wells Fargo downgraded Netflix (NFLX) to Underweight, citing declining viewership and reduced engagement with original content. Analyst Steven Cahall lowered the price target to $57, implying 25% downside. Netflix shares fell 4.7% on Friday. Most analysts still rate the stock a buy, with bulls citing Netflix's scale and revenue growth strategies.

Netflix shares declined 7% to $70.11 on Friday, the fourth consecutive session of losses, after Wells Fargo downgraded the stock to Underweight. The firm anticipates a 4% year-on-year drop in viewership for the second half of 2026, including a 20% decline for its Top 100 Originals.

Netflix (NFLX) shares fell 4.67% after Wells Fargo analyst Steven Cahall predicted a 20% price drop to $57, citing concerns over declining viewer engagement and a lack of hit series. Cahall estimates views for top 100 original shows may fall over 20%, impacting subscriber gains and watch hours.

Netflix (NFLX) repurchased $4.7B of shares in Q2, leaving $27.1B for future buybacks. The company's market cap is ~$326B. The buyback was partly funded by a $2.8B termination fee from a failed Warner Bros. acquisition. NFLX's free cash flow was $1.5B in Q2, down from $2.3B a year earlier. The buyback reduces share count, boosting EPS.