Netflix Shares Nosedive 7 Percent on Apple-Comcast Deal Report

netflix-logoShares of movie streaming giant Netflix nosedived 7 percent on reports that Apple and Comcast were working together on a TV streaming project.

Netflix shares slumped to $374.67 with a drop of $31.49. This huge drop has been witnessed a day after a news story in the Wall Street Journal claimed that Apple and Comcast were in initial level talks about a new TV streaming product that will be cloud based and will likely replace the present TV set-top boxes.

Reuters has said that the talks are yet an early stage and lot of impediments have to be crossed to reach a deal.

A maker of set-top boxes Arris Group Inc also saw its shares lose 6 percent value on this near on fears that this Comcast-Apple deal will affect the sales of traditional TV set-top boxes.

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