- Netflix shares fell after Wells Fargo downgraded the stock to underweight, citing worries about user engagement.
- Analyst Steven Cahall wrote that Netflix has lacked big original series and that breakout hits are necessary for the stock to work again.
- Separately, On Holding rose after signing Kylian Mbappé as a partner to develop football products and represent the brand, mounting a challenge to Nike and Adidas' dominance of the sport.
- Xenon Pharmaceuticals fell steeply after voluntarily halting trial enrollment of azetukalner for depression and bipolar disorder following adverse events.
Quotes
“has lacked big original series and it's showing”
“breakout hits”