Netflix Shares Sink on Downgrade

Shares of Netflix (NASDAQ:NFLX) surged 298% in 2013, making the video streaming service the No. 1 performer in the S&P 500.

But what a difference a few days can make.

After falling three of the first four trading days of the new year, Netflix is now 2014’s worst performing S&P 500 stock with a loss of 7.6%. (Cliffs Natural Resources (NYSE:CLF) is a close second, down 7.3%).

Most of that decline occurred Tuesday, with NFLX tumbling more than 5% in its steepest drop since October, after a downgrade at Morgan Stanley to “underweight” from “equalweight.”