BUZZ - Netflix shares drop; the company appoints a new chief content officer

October 16 - ** Streaming giant Netflix (NFLX.O) fell 2.4% in pre-market trading, to $70.90

** The company appointed (link) former Disney executive Peter Rice as Chief Content Officer, replacing Bela Bajaria, who has served at Netflix since 2016

** Rice will oversee NFLX's content strategy, including series, films, and live events in all regions, effective from October 26

** The appointment comes after Netflix announced layoffs of 6% (about 1,000 employees), its largest job cut since 2022

** Out of 51 brokerages, 37 rate the stock as “buy” or higher, 12 rate it as “hold,” and 2 rate it as “sell.” The median target price is $94—data compiled by LSEG

** As of the previous trading day's close, NFLX shares have fallen nearly 23% year to date, far underperforming the S&P 500 index .SPX, which rose 13.1%

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