By Matt Singer | Criticwire May 29, 2013 at 2:42PM
Fans waited seven years for the return of the cult television series "Arrested Development." Investors waited just two days to dismiss the show's comeback.
According to an Associated Press report, Netflix's stock dropped 6% yesterday, in the wake of their premiere of the fourth season of "Arrested Development." The cause of the drop? You guessed it: critics.
"Netflix's stock fell more than 6 percent Tuesday as investors reacted to critics' mixed reviews of the first new "Arrested Development" episodes since the Fox broadcast network canceled the series seven years ago. Netflix Inc. released all 15 episodes of the resurrected "Arrested Development" at the same time early Sunday. Analysts insist it's still too early to tell whether "Arrested Development" will be a hit or a flop."
At the end of Tuesday, Netflix's stock was down $14.55, to $214.19. Who says critics don't have any power?
Wait, do critics have any power? Look, I know less about investing than Buster Bluth knows about cartography, but I do know this: anyone who thought "Arrested Development" a show that barely lasted three seasons on broadcast television, was going to transform into a mainstream pop cultural monolith on Netflix has made a huge mistake. Factor in the way series creator Mitchell Hurwitz has actually pushed the show into bolder, crazier, and much more intricately plotted territory than on television, and you get a new "Arrested Development" exactly like the old one: a cult hit.
I guess the mixed reviews could scare away potential Netflix customers, but man this seems like a knee-jerk reaction. I don't want to call anyone chicken (coo-coo-cuh-CHA!) but c'mon, the show's been available for three days! Still, nice to hear some critics still command that sort of influence in this world. Don't blow it, guys. Or blue it, in this case.
In a related story, loose seal futures saw heavy volume in early trading Wednesday.