Netflix beat earnings expectations, but its Q4 revenue forecast of $13.44 billion fell short of Wall Street's estimates, sending the stock down 7% to $64.07 in morning trading. Several analysts cut price targets, with Needham downgrading to Hold from Buy and Barclays saying the stock 'may not recover through this year.' Netflix recently announced job cuts and named Peter Rice chief content officer, while management acknowledged U.S. growth is lagging, though churn improved year over year. Spotify fell 1% to $519.01 and Disney dipped 0.2% to $111.49, while the Communication Services ETF XLC fell 0.9% and the S&P 500 ETF SPY rose 0.3%.
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