Shares of Netflix Inc.
tacked on 0.2% in afternoon trading, putting the on track for another record close, as the streaming video giant gets a double boost from a rally in the broader stock market, and especially in large-capitalization technology stocks, and the recent surge in COVID-19 cases in the U.S. The stock was also headed for a 7th-straight gain, which would be the longest such streak since the 8-day stretch ended Jan. 29, 2018. There was a 9-day stretch of no declines ended Jan. 9, 2019, but that included a 4-day win streak, and unchanged day and a 4-day win streak. The tech-heavy Nasdaq 100
surged 1.2% toward a record. And Netflix had been a beneficiary of shelter-at-home rules imposed at the start of the COVID-19 outbreak, and a spike in new cases in most U.S. states suggest at-home streaming will remain essential for many consumers. J.P. Morgan analyst Doug Anmuth said his research indicates that daily active user growth over last year has been stable for about eight weeks at about 19% to 20%, which he believes suggests “continued strong engagement and healthy subscriber retention.” Netflix’s stock has run up 44.9% year to date, while the Nasdaq 100 has rallied 17.4% and the S&P 500
has slipped 2.8%.