div > div.group > p:first-child"> The streaming giant is expected to announce first-quarter earnings after Tuesday's closing bell. The highly anticipated report — for which the options implied move is about 8% in either direction — comes on the heels of Disney announcing that it would launch its own streaming service in November, adding to Netflix's list of soon-to-be large-scale rivals.
"[The] action obviously has nothing to do with anything other than a big competitor joining the ring, but what's important here about Netflix is how poorly it's been acting over the past one, two, three months and more," Worth, chief market technician at Cornerstone Macro, said Friday on CNBC's "Options Action."
"What we know is it comes out of the gate and drops 72% — right out of the gate after its IPO. Advances considerably; drops 78%," he said."And we've just endured a 45% decline with the peak-to-trough drawdown when the market dropped [late last year]." Noting how many times Netflix has failed to break above its trend line, represented above in orange, Worth also highlighted exactly why the stock's tepid action in recent weeks worries him.
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