Netflix

Over its last 20 sessions NFLX has moved 2.05% on a typical day, making it about as volatile as most of the stocks Kinzan tracks (their median is 1.81%).

That makes the last 24 hours a −0.9σ session for NFLX — the kind of session it has most weeks.

It sits near the bottom of its 24-hour range of 65.82–67.02, measured on hourly closes.

The New York block (13:00–22:00 UTC) did most of the work — roughly 86% of the movement over the last 24 hours.

Over the last 60 sessions of daily returns, it has moved most closely with DIS (+0.55, a moderate relationship), and most inversely to NIKKEI (−0.42).

Its last close is at the 0th percentile of its own last 82 sessions, and its 20-day volatility at the 24th.

Market read: Netflix is pinned at the bottom of its range, reflecting a lack of buyer interest today.

What it is

Netflix sells a monthly subscription to a library of series, films, documentaries and, increasingly, live events, available in most countries, with China a notable exception. Revenue comes overwhelmingly from membership fees set by tier and by country, and a cheaper plan carrying advertising gives the company a second source of income from the same viewers. The main cost is content: programmes licensed from other studios and a growing slate it commissions and owns, paid for up front and amortised over the period it is expected to attract viewing. Much of that programming is now made outside the US.

What drives it

For most of its listed life the market judged Netflix on subscriber additions, but the company stopped reporting membership counts each quarter, moving attention to revenue growth, operating margin and engagement. Pricing power is the main lever: periodic price rises have been absorbed with limited loss of members, and the crackdown on account sharing turned many borrowers into paying households. Advertising is the next growth line, and how quickly it reaches scale matters for whether revenue keeps outpacing content costs. Because a majority of revenue is earned outside North America, a strong dollar reduces reported growth. Competition for viewing time comes as much from free video platforms and games as from rival services, and live sports rights add a further cost.

How it trades through the day

The share trades in the New York block, 13:30 to 20:00 UTC during US daylight time and 14:30 to 21:00 UTC in winter. Netflix is usually the first large technology-adjacent company to report each quarter, around the middle of the following month, after the close, with a letter to shareholders and a video interview with management in place of a conventional call. The next day’s opening gap is frequently large, and because it comes before most of the market has reported, it is sometimes treated as a first reading on consumer and advertising conditions.

What it tends to move with

It is a Nasdaq 100 constituent and loosely follows large-cap growth, but less closely than its size would suggest, since its results turn on subscription economics rather than the cloud and AI themes moving its neighbours. Traditional media companies with streaming services are the obvious comparison, though their linear television businesses mean they rarely move in step.