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Jim Cramer says Netflix 'has become an open sore to this market'

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The once-beloved Netflix is now negative for the year as investors start to question some of the high-flying leaders of this bull market.

Before the announcement of Disney+, there were periods of time when Netflix's market cap was higher than Disney's. Now, Disney's market cap is double Netflix's market value .

Further weighing on the stock, last month Netflix was hit by a rare loss in U.S. subscribers and a large miss onin the second quarter, which sent the stock cratering, suffering its longest losing streak in five years. "The signs-ups are going to start going down and this thing's controlled by the sign-ups," Cramer said of Netflix.Netflix isn't the only overvalued stock that Cramer is warning investors about.as more and more stocks are being valued based on measures other than the revenue or earnings numbers. Cramer even likened the current market conditions to the dot-com bubble, when internet stocks rose and eventually collapsed, shedding nearly 80% of value within seven months in 2000.

"You have to be skeptical of markets, entire markets, where more and more stocks are valued on something other than earnings," said Cramer. "The more stocks that trade on weird metrics, the more likely it is that the market's overvalued."

 

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