Netflix near $71 after a sharp decline is installing Peter Rice as content head on October 26 and cutting about 6% of staff (about 1000 jobs); Wedbush keeps Outperform with a $90 target cut from $105, still implying upside, with whether new content leadership draws and keeps subscribers the open question.

Now let's take a look at Netflix, given that there has been a slight change in some of the leadership there. At least one change. Currently, the stock is down by about 1.2%. Yes.

It's been a tough time for Netflix, hasn't it? Remember when this arrow was loved by everyone. But this year it was completely different.

They have a new head of content, Peter Rice, who will take over that task. This will happen later this month, specifically on October 26, when he takes over . Bela Pajaria will replace the departing Pajaria after nearly a decade of working for the company.

Peter, a former Disney executive, will oversee series, films and live events around the world. We know that live events are an area Netflix is pushing hard to get into . The question is, can the new leadership offer programs that attract more subscribers?

They need that to keep people subscribed and keep them following here.

This comes amid cost-cutting measures . They announced plans this week to lay off some employees, eliminating about 6% of their workforce. This equates to approximately 1000 jobs .

Therefore, these cuts are expected to affect the technology, legal affairs, human resources, and product development departments. This is happening again at a time when this stock has experienced a sharp decline, Nicole.

Yes, I saw the "Outperform" rating from Wedbush , the target price is $90, and the current price is $71. So, they still see potential for an upward move. Its lowest level was $65.

We've risen from that level, you know, it reached 71, but the target was 90. It's good to see that, but it's dropped like some of the other targets you've been keeping us updated on, right? The target price of 90 came as a drop from 105.