Netflix Inc. (NFLX.NASDAQ) plunged into negative trend after Walt Disney Co. unveiled its new online subscription streaming service offering its content directly to consumers.
Disney promised that the new service will balance new and original content to attract subscribers without cannibalizing existing brands but it is obvious that it would be pulling its movie content from Netflix's platform.
This announcement came as a blow to Netflix Inc. which would be losing a big source of popular content.
Netflix Inc. has already fallen down 2.96%. However, Netflix Inc. is up 35.19% this year and is currently trading at $172.49.