Netflix Sinks on Downgrade, Icahn Stock Sale: Micron Plunges Late on Earnings: Tech Winners & Losers

NEW YORK (TheStreet) -- Netflix (NFLX) tumbled after a Citigroup analyst cut his recommendation on the company and Carl Icahn disclosed he sold the last of his holdings in the streaming video company. Micron Technology (MU) tanked after reporting third-quarter earnings. Amazon.com (AMZN) fell despite its release of three new products that aim to beef up its voice command software.

Netflix fell 2.1% to close at $664.24.

The streaming video company dropped after Citigroup downgraded the company to neutral from buy, according to a report in MarketWatch. Citigroup has a $722 price target on the company. 

In addition, activist shareholder Carl Icahn sent out a tweet Wednesday that he had sold the last of his Netflix holdings, according to a report in the Los Angeles Times. Icahn attributed his sale, in part, to a sense that the markets were getting too frothy overall and that Netflix was not as much of a deal than when he started to invest in the company in 2012 when the stock was trading at $58 a share, according to the Los Angeles Times.


Micron Technology plunged 11.9% to $21.16 in after-hours trading. The chip maker edged down 0.2% to close at $24.02 during the regular session ahead of its earnings report.

The DRAM maker reported adjusted earnings of 54 cents a share on revenue of $3.85 billion. But Wall Street was looking for adjusted earnings of 57 cents on revenue of $3.94 billion, according to a Bloomberg report.

Additionally, Micron issued a disappointing fourth-quarter forecast, citing PC sales are expected to be weaker than expected. The chip maker said it now expects revenue between $3.45 billion to $3.7 billion in the quarter, compared with analysts expectations of $4.16 billion, according to Bloomberg.


Amazon.com edged down 0.2% to finish the day at $440.10.

The online retail giant fell despite unveiling new efforts to support its voice service Alexa and its wireless personal assistant Amazon Echo. Under these initiatives, Amazon will offer a software developer tool kit, allocate $100 million to aid developers in building products and services around its Amazon Echo and Alexa and took the step of making Echo publicly available for purchase earlier this week, according to a Forbes report.

Specifically, Amazon trotted out its Alexa Skills Kit, which is a collection of software tools to make it easier for developers to create voice-driven capabilities for Alexa, according to Amazon. It also unveiled its Alexa Voice Service that aims to allow hardware developers to integrate Alexa into Internet devices with a small number of code lines. And finally, Amazon created its $100 million developer support fund called The Alexa Fund.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.

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