Netflix Shares Tumble 1.25% as $4.51B Volume Dips 34.52% to Rank 16th

On September 12, 2025, , . The decline followed a combination of investor caution and strategic shifts in content production, despite recent positive earnings momentum.

Analysts noted that the stock’s underperformance was partly attributed to reduced speculative trading activity, as institutional investors trimmed positions ahead of the earnings season. A shift in production timelines for upcoming original content also contributed to short-term uncertainty, .

To make sure I design and run the back-test exactly the way you have in mind, could you please help me confirm a few practical details? Market universe: Should I screen the entire U.S. listed stock universe (NYSE, NASDAQ, , or do you want me to stay within a predefined universe such as the S&P 500 constituents? Weighting methodology: When the daily top-500 list is formed, , or weighted by something else (e.g., ? Execution price & slippage assumptions: Do you want to buy at the same-day close and sell at the next-day close (close-to-close), or use open prices? Are we assuming zero transaction costs/slippage, or should I add a cost assumption (e.g., ? Rebalancing mechanics: Every trading day we liquidate yesterday’s basket entirely and buy today’s new top-500 list, correct? Once I have these details, .