Shares of Netflix Inc. fell as much as 8.3% on Thursday as many of the stocks in the media sector saw declines. The Walt Disney Co. shares dropped 5% and CBS Corp. fell more than 4% to lead the downward charge. BTIG analyst Rich Greenfield, who's favorable on Netflix, said the company was likely being dragged down by the entire media sector. "There's a fundamental change in consumer behaviors in the media sector," Greenfield said. "I think the market is starting to understand that traditional media companies just simply are not prepared." Viacom Inc. saw shares fall 4%, AMC Networks Inc. , Time Warner Inc. and DISH Network Corp. were down more than 3%. This comes nearly two weeks after massive sell-offs in the media industry as investors lost confidence in the sector following companies earnings reports showed consumer movement away from traditional media. Greenfield said that if Netflix is being pulled down by the sector, "this is your opportunity to buy it on a dip." Netflix shares are up more than 120% in the year to date. The S&P is down 0.22%.
Copyright © 2015 MarketWatch, Inc.
Continue Reading Below