Netflix Shares Fall Into Correction Territory Before Bouncing Back

Netflix Inc.'s stock dipped into correction territory in early morning trade on Monday before paring some losses, as it led the FANG stocks -- Facebook Inc. , Amazon.com Inc. , Netflix and Alphabet Inc. (Google) -- in their second straight session of declines. Netflix shares fell as much as 6% on Monday from Friday's close. The stock hit an intraday low of $148.31, down 10.6% from the June 8 record high of $165.88. The stock has bounced slightly since then, to be down 2.9% at $153.38, or 7.5% below the record close. Many on Wall Street define a correction as a decline of at least 10% to up to 20% on a closing basis from a significant peak. Declines of 20% or more are considered bear markets. Netflix shares have gained 23.8% in the year to date, while the S&P 500 index is up 8.4% during the same period.