Netflix sinks to its lowest level in more than 3 months (NFLX)

• Netflix plunged as much as 4.89% Wednesday, hitting its lowest level in more than 3 months.
• Shares have been under pressure since the streaming giant reported disappointing second-quarter results.
• Netflix "is in a vicious spiral to the bottom in content spend," long-standing Netflix bear Michael Pachter recently told Business Insider.
• Watch Netflix trade in real time here.

Netflix plunged as much as 4.89% Wednesday, hitting a low of $321, a level not seen in more than three months. Shares are trading in a bear market — down more than 23% from their June highs.

Wednesday's selling comes as tech stocks have come under pressure in the wake of Chinese tech giant Tecent reporting its first profit drop in almost 13 years. The disappointing results have reignited fears the tech giants responsible for the market's gains this year are becoming vulnerable.See the rest of the story at Business Insider

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