NEW YORK (TheStreet) -- Etsy (ETSY) spiked after hedge fund and venture capital firm Tiger Global Management took a stake in the online arts and crafts marketplace. Netflix (NFLX) jumped as the company prepared to ask shareholders to lay the groundwork for a potential stock split. Micron (MU) dropped on an analyst downgrade.
Etsy spiked 7.6% to close at $15.99.
The online arts and crafts marketplace soared after Tiger Global Management, a hedge fund and venture capital firm, disclosed its Etsy holdings shortly after the markets closed Monday, according to a report in Benzinga.
But despite Tiger's stake, Etsy's shares remain below its IPO price of $16 a share. Tiger Management, which held a 7.3% stake in Etsy at the time of its initial public offering, bumped up its holdings to an 8.9% stake as of May 28, according to a report in the Wall Street Journal.
Etsy's shares have plunged by double-digits since it reported its first quarter results, to the point it dipped below its IPO price last week, according to the Journal.
Netflix jumped 3.2% to finish the day at $647.15.
The streaming video company climbed as its investors gathered Tuesday at the annual shareholders meeting to vote on whether to increase the number of shares outstanding to approximately five billion from its 170 million that is currently authorized, according to a Bloomberg report.
The expectation is Netflix may unveil plans for a stock split at the shareholder meeting, according to a report in MarketWatch.
Typically, when shares of a company reach in the triple digits, some organizations will issue a stock split to lower the price per share and make it more affordable to investors looking for an entry point into the stock.
Micron Technology fell 2.8% to end the session at $25.19.
The semiconductor company took a hit after Drexel Hamilton downgraded the stock to a sell from hold.
The firm also cut its price target in half to $20 from $40 a share, according to a Barron's report. In lowering the price target and downgrading the company, Drexel cited how rival Samsung Electronics (SSNLF) is obtaining cost savings in its DRAM technology and, as a result is putting pricing pressure on the industry, according to Barron's.
Drexel analysts, according to Barron's, stated, "Predicated upon a view Samsung's strategic interests bring willingness to accept lower memory margins, DRAM price drops are liable to continue."