NEW YORK (TheStreet) -- Shares of Netflix (NFLX) were down as high beta names on the Nasdaq continued to take a pounding Monday. Tesla (TSLA), Twitter (TWTR), eBay (EBAY) and Facebook (FB) were all hit hard in early trading Monday. The Nasdaq is down 1.7%.
Netflix shares were down 8.6% to $371.20 in mid-Monday trade.
Activist investor Carl Icahn went on television and noted he had sold about half his shares in the video streaming company. In an interview with CNBC, Icahn stated, "We still have a position. But I did sell a fair percentage of our holdings. I think Netflix is a great company. They got a great model. When we bought it, it was $58. It's not $58 anymore. I don't have it in front of me. I think I sold half. And I think it's a great company, and we've got a great CEO there in Reed Hastings. But hey, all these companies, you don't go to the sky."
Icahn cited Federal Reserve intervention in what he deemed an "artificial market" for his lack of temerity in the stock. "One of our problems is the Federal Reserve. This is kind of an artificial market, isn't it? I mean, you have the Fed pumping and pumping the money in. I don't see the great earnings we should be having. How much can Janet Yellen keep doing?"
Net nuetrality concerns may also be hurting Netflix today. In a note published last week Hastings wrote that "The essence of net neutrality is that ISPs such as AT&T (T) and Comcast (CMCSA) don't restrict, influence or otherwise meddle with the choices consumers make. The traditional form of net neutrality which was recently overturned by a Verizon lawsuit is important, but insufficient."
Netflix -- which recently signed a deal with Comcast that would allow the streaming service unimpeded access to the cable and internet provider's network-- says that it is weary of signing similar deals with other service providers in the future. "Without strong net neutrality, big ISPs can demand potentially escalating fees for the interconnection required to deliver high quality service. The big ISPs can make these demands -- driving up costs and prices for everyone else -- because of their market position."
The Wall Street Journal is reporting that Apple (AAPL) and Comcast are working on a similar deal for Apple's nascent Apple TV streaming service. Details of the arrangement have not been finalized or announced but a potential deal would add direct competition to Netflix services.