Ritholtz’s Josh Brown sells Netflix ahead of profit but reiterates confidence in long-term development
According to Josh Brown, CEO of Ritholtz Wealth Management, Netflix’s recent outperformance makes now a good time to take a breather from the streaming giant’s shares. He told CNBC’s “Mid-Term Report” on Tuesday that he sold shares of the streaming giant after it surged 40% in the past three months and ahead of its fourth-quarter earnings report. Despite the company posting solid results, he has refrained from owning shares amid ongoing uncertainty about how investors will treat the stock. “I actually think Netflix is going to have a good report,” he said. “I’m just not comfortable with the possible reaction, and I could be completely wrong. So make sure you understand exactly what I’m saying. I wouldn’t tell people not to own Netflix before winning. Personally, I don’t feel like it.” NFLX 1Y Mountain Netflix Stock Plunged 51% in 2022 Netflix’s stock plummeted 51% in 2022 as investors pulled out of growth and streaming stocks faced a dwindling advertising environment and intensifying competition Earlier this year, the company also saw its first subscriber loss in more than a decade. Despite selling shares, Brown remains confident in the company’s long-term performance and reputation as one of the industry’s few profitable streaming services. “They’re a Cash producing streaming service and they have monster, monster hits, and they should get more credit, not less,” he said. Looking ahead, Brown sees more information about Netflix’s advertising tier as the news that’s in this one quarter could make or break.” I think this should be the occasion where they set the record straight tell because I believe the ad platform will ultimately be successful,” he said. Here are some of the investment committee’s other stock moves: Hightower’s Stephanie Link sold UnitedHealth, citing recent outperformance. Link bought GE Healthcare, Broadcom Brown likes JPMorgan, says stocks look ‘way too cheap’ Cerity Partners’ Jim Lebenthal is positive on Boeing , Wynn resorts
https://www.cnbc.com/2023/01/10/ritholtzs-josh-brown-sells-netflix-ahead-of-earnings-but-reiterates-confidence-in-long-term-trajectory.html Ritholtz’s Josh Brown sells Netflix ahead of profit but reiterates confidence in long-term development
