Netflix stock is trading lower today despite reporting better-than-expected Q2 earnings and raising its annual guidance. The stock’s rich valuation leave little on the table in terms of upside potential.

Netflix Inc. had all the wind in its sails that one could hope for in its second-quarter earnings — they came in well ahead of analysts’ expectations for net profit, benefitting strongly from a weaken...

Netflix’s second quarter also reaffirmed the company’s commitment to its live programming.