Why Spotify, DraftKings, and Paramount Global Shares Plunged Today
Shares of Spotify Technology (NYSE: SPOT), DraftKings (NASDAQ: DKNG), and Paramount Global (NASDAQ: PARA) were all down big on Wednesday, falling 10.9%, 7.8%, and 8.6%, respectively, on the day.
There wasn't any material news out of any of these companies today. But it looks like each is a victim of the fallout from Netflix (NASDAQ: NFLX) reporting a shockingly bad earnings report and guidance last night.
One might think that today's reaction is a bit severe, and that Netflix's troubles may be more company-specific. But there could be more similarities to Netflix among these three than you think.
Source Fool.com
