Netflix stock plunges as firm reports massive subscriber losses

Netflix lost more than a third of its value after reporting its first subscriber loss in more than a decade.  

Stocks edged mostly higher in afternoon trading on Wall Street Wednesday, but were held back by streaming entertainment giant Netflix, which lost more than a third of its value after reporting its first subscriber loss in more than a decade and predicting more grim times ahead.

The S&P 500 rose 0.3per cent as of 12:06 P.M. Eastern. The Dow Jones Industrial Average rose 337 points, or 1per cent, to 35,249 and the Nasdaq fell 0.8per cent.

Health care stocks made some of the biggest gains. CVS jumped 3.4per cent and medical device maker Boston Scientific rose 3.7per cent.

Banks and a mix of household product makers also made solid gains. Bank of America rose 1.5per cent. Charmin and Dawn maker Procter & Gamble rose 2.8per cent after beating analysts' quarterly earnings forecasts.

Big technology companies did some of the heavy lifting after helping to power the market higher a day earlier. IBM rose 7.6per cent after reporting solid financial results. Cisco rose 3per cent.