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Spotify, Netflix Shares Surge As Wall Street Touts Big Streamers Amid Tech Rally, Joe Rogan Row

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Tech stocks and the beleaguered Nasdaq jumped today in a rally led by streamers Spotify, Netflix and Roku. All have seen their shares pummeled, with Netflix in particular being hit by disappointing subscriber numbers last quarter and Spotify embroiled in a Joe Rogan controversy.Spotify is up 12% at $193, Netflix by more than 10% at $493 and Roku nearly 7% (at $161).

The broader Nasdaq, which entered official “correction” territory in Jan. – defined by a dip of at last 10%  – is up by 2.63%.Netflix shares were stomped after its fourth-quarter earnings, plunging over 20%.

Votes of confidence in the form of share purchases by Bill Ackman’s hedge fund Pershing Square and by founded and co-CEO Reed Hastings, who bought on the dip, helped the shares rally.

Then Citigroup analyst Jason Bazinet upgraded the stock to “buy” this morning. He told CNBC that the current price, which has come down from a $52-week high of $700 in the fall, basically builds in zero subscriber growth.

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