SAN FRANCISCO Morgan Stanley upped its price target on Netflix Inc. to $ 105 from $ 80 on Wednesday morning. In a note before the opening bell, analyst Scott Devitt kept his overweight, or buy, rating on the stock, citing his belief that the online movie provider is “on course to potentially disrupt the long-standing premium cable ecosystem.” Devitt said the deal the company announced last week with the Walt Disney Co. “is meaningful in that it is Netflix’s second output deal with a major film studio as well as the fact that it is Disney, one of the most […]
SAN FRANCISCO Tech stocks mostly rose in early trading Friday, with Netflix Inc. among the advancers. Netflix shares rose almost 4%, to $ 89.74, after Chief Executive Reed Hastings responded to the Securities and Exchange Commission alleging Hastings and Netflix violated disclosure rules with a Facebook post in July about the company’s streaming video service. Gains also came from Apple Inc. , which rose $ 4 a share, to $ 551.01, and Cisco Systems Inc. , as the networking-equipment giant kicked off its annual analyst meeting in New York. The Nasdaq Composite Index was at its breakeven point […]
Hastings said Netflix typically released important information via investor letters, press releases and SEC filings.SEC staff will present the case to commissioners, who will vote on whether or not to sue the companyNetflix CEO Reed Hastings Hastings put up a public Facebook post to more than 200,000 Facebook followers(Financial Times) — Netflix and its chief executive Reed Hastings could face a civil action for a Facebook post that US Securities and Exchange Commission staff allege violated disclosure rules that require companies to release important information to all investors at the same time.On July 3, Mr Hastings put up a public […]
SAN FRANCISCO Netflix Inc. was downgraded to a below average, or sell, rating on Thursday morning by Caris & Co. In a note to clients, analyst David Miller said he was “re-downgrading” the online movie firm, having removed his buy rating from the stock in mid-September. He cited the run-up on Netflix shares following the announcement of a deal with the Walt Disney Co. on Tuesday. “The deal is a fantastic one for Disney, as Disney may now offset some of the costs associated with buying Lucasfilm, but we have a number of issues with this deal as it applies […]
CHICAGO Netflix Inc. shares were up more than 8% Tuesday on news it will be the exclusive U.S. subscription TV service for first-run live-action and animated feature films from Walt Disney Co.’s Disney studios. Starting in 2016, Netflix members will be able to watch movies from Disney, Walt Disney Animation Studios, Pixar Animation Studios, Marvel Studios and Disneynature as soon as they are made available for pay TV. The deal includes television, tablets, computers and mobile phones. Under a multi-year pact, Netflix will also gain access to classic films from the Disney library, such as “Dumbo” and “Alice In Wonderland.” Financial terms were not disclosed.
Netflix Inc (NFLX) signed a multi-year agreement with Walt Disney Co (DIS), gaining exclusive U.S. pay television rights to Disney movie releases from 2016. Netflix shares were up 8 percent at $ 82.21 on the Nasdaq on Tuesday. Netflix subscribers will be able to watch new Disney movies on TV, tablets, computers and mobile phones, the companies said in a statement. Disney’s direct-to-video new releases will also be made available on Netflix starting 2013. Disney and Netflix also signed an agreement on a multi-year catalog deal which will make available Disney movies such as “Dumbo”, “Pocahontas” and “Alice in Wonderland” […]
Shares of Netflix (NFLX) jumped 13% Wednesday following an announcement that billionaire investor Carl Icahn scooped up 5.54 million shares of the struggling movie renter. The investment brings the activist investor’s stake in Netflix to 10%. Most shares were bought in the first week of September and the last week of October. The move is a sign that Icahn, an activist investor who often demands change in companies he buys into, sees value in Netflix. In a securities filing, the buyers said Netflix “may hold significant strategic value” and that they are evaluating ways Netflix can maximize shareholder value, but […]
SAN FRANCISCO Netflix Inc. shares surged by more than 20% Thursday, triggering a brief halt in trading of the company’s stock, after a Securities and Exchange Commission filing said billionaire investor Carl Icahn had acquired a 10% stake in the video-streaming and DVD-rental company. According to the filing, Icahn and his affiliates believe, “the shares were undervalued due to the issuer’s dominant market position and international growth prospects.” Netflix shares resumed trading after the brief halt and were up to $ 82.17. The company’s stock has been battered of late after Netflix reported quarterly results last week and cut its forecast for video-streaming subscribers for the year.
CHICAGO Netflix Inc. Chief Executive Reed Hastings said Tuesday that the company has no plans to raise the $ 7.99 basic subscription cost for its online streaming service. On the Netflix earnings call, Hastings said the company remains satisfied with the current price structure. Netflix’s public reputation is still recovering from the negative impact of a 60% price hike in July 2011; Hastings reiterated that the company does not expect to get back to the highly positive perception it once enjoyed until 2014, though the situation is improving.
CHICAGO Weak ratings at some broadcast-TV networks have helped Netflix Inc. in its efforts to license TV-show content, Chief Executive Reed Hastings said Tuesday during the company’s earnings call. Hastings said that a variety of factors have helped it to acquire content. One is that, in some cases, programmers want to pick up more revenue from online video licensing to offset the dollars that will be lost when networks have to compensate advertisers for shows that didn’t deliver on the ratings that were promised. With the exception of NBC , each of the Big Four broadcast networks have seen double-digit […]