Netflix Inc.'s stock (NFLX) shot up 9% in afternoon trade, after a bullish call from Goldman Sachs ( ), putting it on track to kick off a new bull market. Since it closed at an 11-month low of $233.88 on Dec. 24, the stock has rallied 26%. Many on Wall Street define a bull market as a rise of 20% or more off a bear market closing low. The streaming video service's last bull market started on Sept. 27, 2018, when it closed 20.2% above its Aug. 17 closing low of $316.78. That bull market ended on Oct. 24, when it closed 20.9% below its Oct. 1 bull-market peak of $381.43. Separately, Netflix shares are headed for their first close above their 50-day moving average, a short-term trend tacker that currently extends to $281.84, for the first time since Oct. 17. The 200-day moving average, a long-term trend tracker, currently comes in at $332.48. Netflix shares have still lost 19% over the past three months, while the Nasdaq Composite has dropped 14% and the S&P 500 has given up 13%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 04, 2019 13:54 ET (18:54 GMT)
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