Netflix Volatile After Reed Hastings' Cautious China Comments

Shares of Netflix, Inc. (NASDAQ: NFLX) were trading lower by more than 2 percent Friday morning as the company's CEO Reed Hastings is speaking at a conference in New York. The decline was short lived, however, and the stock bounced back from a pre-market low of $100.06 to trade in positive territory for the day shortly after the opening bell.

A series of Tweets by Bloomberg's Lucas Shaw provided some insight as to what Hastings said at the New Yorker Tech Fest.

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A few cautious comments that caught the attention of traders include Hastings acknowledgment that "China is not looking good." Theater chains are strangling the movie business, he added, before saying he is "focused on the rest of the world."

Some of other headlines from Hastings speech include his reiteration that Netflix has little or no interest in broadcasting live sports. He also suggested that Netflix is a better proposition for consumers versus movie theater chains that "haven't innovated in 50 years."

Hastings also said that Netflix's platform should be viewed a network that offers movies and TV shows. Viewers who want a complete cable replacement won't find what they are looking for in Netflix's.