Stock Market Today, March 3: Netflix Rises After JPMorgan Upgrade Powers Five-Day Rally

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NASDAQ: NFLX

Netflix

Today’s Change

(0.44%) $0.42

Current Price

$97.52

Key Data Points

Market Cap

$410B

Day’s Range

$95.34 - $98.45

52wk Range

$75.01 - $134.12

Volume

2.5M

Avg Vol

52M

Gross Margin

48.59%

Netflix (NFLX +0.44%), global streaming TV and film platform, closed Tuesday at $97.7, up 0.63%. The stock’s move reflects continued enthusiasm following bullish analyst calls and optimism after Netflix walked away from a **Warner Bros. Discovery **(WBD 1.12%) deal. Investors are also watching whether advertising and organic growth can sustain recent gains.
Trading volume reached 55.9 million shares, coming in nearly 8.6% above its three-month average of 51.5 million shares. Netflix IPO’d in 2002 and has grown 81,562% since going public.

How the markets moved today

S&P 500 (^GSPC 0.94%) fell 0.95% to 6,817, while the Nasdaq Composite (^IXIC +0.00%) slipped 1.02% to 22,517 as growth shares broadly cooled. Within entertainment, industry peers Walt Disney (DIS 1.13%) closed at $103.3 (-0.99%) and Warner Bros. Discovery finished at $28.2 (-1.05%), lagging Netflix’s modest gain.

What this means for investors

Netflix stock bounced even among a sea of red in the markets today. A five-day rally has lifted the streaming service stock nearly 25%. That rally came after investors anticipated, and received confirmation, that Netflix was walking away from its proposal to acquire much of Warner Bros. Discovery.

The company received a $2.8 billion termination fee after Warner Bros. deemed the bid by Paramount Skydance (PSKY 6.67%) superior. Investors applauded the company’s fiscal discipline after Netflix chose not to raise it’s offer.

Today’s move higher was supported by a JPMorgan (JPM +0.91%) upgrade that boosted its price target to $120. Investors will now watch as Netflix focuses on its core business and puts the termination fee windfall to work.