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Netflix shares may be getting hammered Thursday, but Bespoke Investment Group says its research shows that history is typically kind to traders who buy at open following a gap lower on poor earnings.
There are 13 days in 68 quarters when Netflix shares dropped more than 10% on earnings, Bespoke said. The "stock rose from the open to the close 8 of 13 times, and each of the last 4 times it has happened," Bespoke said in a tweet.
Source: Bespoke Investment Group
Netflix fell 10.3% in Thursday trading, closing at $325.21 a share. Despite Netflix's report Wednesday afternoon of a big miss in key subscriber metrics, the majority of Wall Street firms continue to recommend buying Netflix shares, with one firm calling this "the Q2 curse."