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In addition to the Disney-sympathy move, today’s against-the-grain gains in Netflix (NASDAQ:NFLX) could be related to news that meme-stock king Ryan Cohen is in the process of building up a passive stake in the streaming company.
Cohen told the WSJ that he views Netflix as undervalued after its stock plunged earlier this year.
Cohen also owns a large stake in Citigroup (NYSE:C), which, like Netflix, hasn’t been previously reported.
Cohen also owns 6.2 million shares of Apple (NASDAQ:AAPL) and a stake in big-bank Wells Fargo (NYSE:WFC).
Shares of Netflix are up 0.9%. Citigroup is flat this morning.
