Netflix Stock Surges After Fan Event, 'Squid Game' Success - Investor's Business Daily

Netflix stock has rallied since the internet television network hosted an online fan event and touted the global success of its series "Squid Game."

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On Wednesday, Netflix (NFLX) said its Tudum fan event last Saturday generated enormous viewership. During the three-hour event, Netflix provided news, first looks and trailers from over 100 upcoming Netflix films and series.

As of Tuesday, the total number of views for Tudum, pre-shows, clips, trailers and other content generated by fans watching the event stood at nearly 695 million views.

During Tudum, Netflix previewed new seasons of hit shows "Stranger Things," "Bridgerton," "Ozark" and "The Witcher." It also provided a look at star-studded movies such as "Red Notice" and "Don't Look Up" and sequels to "Extraction" and "The Old Guard." Plus, it offered a glimpse of new series including "The Sandman" and "Cowboy Bebop."

Netflix Stock In A Buy Zone

The fan event highlighted Netflix's "impressively strong upcoming content slate," Evercore ISI analyst Mark Mahaney said in a note to clients. He reiterated his outperform rating on Netflix stock with a price target of 695.

On the stock market today, Netflix stock rose 1.9% to close at 610.34. Earlier in the session, it notched a record high of 619.

On Sept. 2, Netflix stock touched a buy point of 593.39 out of a 31-week consolidation period, according to IBD MarketSmith charts. On Thursday, Netflix stock was still trading in the 5% buy zone of its breakout.

In other news, the violent drama series "Squid Game" from South Korea is on pace to be Netflix's most popular non-English-language show ever, co-Chief Executive Ted Sarandos said at the Code conference on Monday.

"There's a show on Netflix right now that is the No. 1 in the world, like everywhere in the world. It's called 'Squid Game.' 'Squid Game' will definitely be our biggest non-English-language show in the world, for sure," Sarandos said. But he added that there's "a very good chance it's going to be our biggest show ever."

"Squid Game" tells the story of 456 desperate contestants who compete with each other in a mysterious and deadly survival game involving multiple rounds of childhood games to win a huge cash prize.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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2021-09-30 17:51:00Z

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