Netflix Stock Falls More Than 13% In Open As Media Sector Suffers

Netflix Inc. stock opened down more than 14%, and was trading below $90, the lowest since June 4. This continues the 8.7% decline Netflix saw last Friday following the tech and media sectors downward trends as the broader market took a dive. Media companies' stocks across the board opened in the red with Lions Gate Entertainment Corp. down 6.4%, The Walt Disney Co. , Comcast Corp. and Time Warner Inc. [S: TWX] down more than 4%. AT&T and Verizon Communications Inc. were down more than 3% and AMC Networks Inc. and CBS Corp. fell more than 2% before the open.