Trade Tracker: Steve Weiss sells half his Netflix position

Summary

Steve Weiss, founder and managing partner of Short Hills Capital Partners, explains on CNBC’s Halftime Report why he sold half his Netflix position. He sees Netflix as stuck in no man's land amid deal uncertainty and prefers raising cash now to deploy on a market pullback, though he still likes the stock long term. He also criticizes Netflix’s potential ~$100 billion acquisition, saying it should focus on original content to compete with YouTube. Earlier, he said he is sticking with a long-held Microsoft position because its operating system dominates the world’s computers.

• Steve Weiss trimmed half his Netflix position.
• He views Netflix as range-bound in no man's land until the deal outcome is clear.
• He prefers holding cash to deploy on a real market dump.
• He still likes Netflix long term but dislikes the ~$100 billion acquisition price.
• He notes Netflix faces a YouTube problem and must focus on original content.
• He is sticking with Microsoft despite a year of poor performance due to its dominant operating system.
• Host notes Netflix hit a 52-week low, down more than 4.5% that day.