Was Wall Street insufficiently enthusiastic about Netflix yesterday when investors bid the stock price up 42.2%? Some people apparently think so: The stock is up an additional 14.4% to $168.00, at mid-day. If the price holds, then it will be Netflix’s best trading day since September 15, 2011. That was the middle of the period when the stock was collapsing from its near $300 peak following Netflix’s ill-considered decision to split the streaming and DVD rental services, dramatically increasing prices for consumers who wanted to continue to receive both. Shares hit bottom this past September when they traded for $53.80. Billionaire Carl Icahn jumped in shortly afterward, buying nearly 10% of Netflix for an average of $58.40 a share. The Street’s view about Netflix’s prospects improved Wednesday night when it reported surprisingly strong year-end results.
By DAVID LIEBERMAN, Financial Editor | Friday January 25, 2013 @ 12:39pm ESTTags: Netflix, Netflix Stock
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