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We certainly aren’t going to see rotation into the Communication Services sector at the open this morning with Netflix (NFLX) trading down 25% on earnings. Based on where NFLX shares are trading pre-market, the stock will be in a 63% drawdown from its high just last November. As shown below, this is the fourth time since going public in 2002 that NFLX will have experienced a drawdown of at least 60%.
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