Shares of several companies in the broader tech sector are trading lower Friday on continued volatility amid increasing omicron variant concerns.
With Netflix Inc (NASDAQ:NFLX) down about 10% for the week, Market Rebellion co-founder Jon Najarian decided to buy shares of the streaming giant.
“I just think Netflix is really the stock [to own] in the space,” Najarian said Friday on CNBC’s “Fast Money Halftime Report.”
Najarian said Netflix is the premiere name in the streaming space, ahead of competitors like Walt Disney Co’s (NYSE:DIS) Disney+.
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As the market began pulling back this week, he said he tried to be prudent and wait for the best opportunities. When Netflix fell below $600 per share, it was time to pull the trigger.
“When I was able to pick up some Netflix down here beneath $600, I thought that was a reasonable spot for me to buy,” Najarian said.
He told CNBC the stock purchase also positions him for potential options opportunities in Netflix moving forward.
NFLX Price Action: Netflix has traded as high as $700.98 and as low as $478.54 over a 52-week period.
The stock was down 2.42% at $601.56 Friday afternoon.
Photo: Tumisu from Pixabay.
