Published August 20, 2015 4:24pm EDT | Updated August 20, 2015 5:04pm EDT

Netflix Loses $4 Billion In Market Value As The Stock Enters Correction Territory

Netflix Inc. lost $4.08 billion worth of market value Thursday, as the streaming video company's stock tumbled 7.8% amid broad declines in the media sector. The stock has now lost 11% since the Aug. 6 record close of $126.45, marking the second correction--a decline of at least 10% to up to 20% from a significant high, since the stock came out of its late-2014 bear market in mid January. The previous correction took the stock down 14% from Feb. 26 through April 1.