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.
Continue Reading Below
Copyright © 2017 MarketWatch, Inc.