Shares of Netflix (NASDAQ: NFLX) and Mellanox Technologies (NASDAQ: MLNX) are falling hard today on negative news.

Netflix announced earnings results for the second quarter which failed to match analyst expectations.

Although Netflix stated that it earned revenue of $519 million for the second quarter over the $408 million it made in the second quarter of 2009, it earned 80 cents a share in earnings when analysts were expecting it to make 70 cents a share.

Netflix shares are currently trading down 10%.

Meanwhile Mellanox Technologies fell over 20% after the company announced better than expected second quarter results. That didn’t stop traders from selling the stock off though, because Mellanox management said that it forecast future revenue below analyst estimates too.
As a result an analyst from Jefferies & Company reduced his target price for the stock to $26.00 per share. He was hoping for a gain up to $30 a share.