Netflix's stock still winning fans on Wall Street
SAN FRANCISCO (AP) — Netflix remains a hot ticket on Wall Street.
The Internet video service's stock climbed another 15 percent Friday to reach its highest price in 16 months. The latest surge followed a 42 percent leap on Thursday that marked the stock's biggest single-day gain since Netflix Inc. went public in May 2002.
Netflix's fourth-quarter earnings spurred the stampede to buy the company's stock. The results released Wednesday were highlighted by an unexpected profit and accelerated customer growth that left Netflix with 33 million worldwide subscribers to its service that streams movies and TV shows to Internet-connected devices.
The stock gained $22.70 to close at $169.56. Earlier in the session, Netflix reached $172.68, the highest it has been since September 2011.
Despite the recent rally, the stock is still well below its peak of nearly $305, hit 18 months ago. The shares plunged after Netflix irked customers by raising prices as much as 60 percent for subscribers who wanted access to the Internet video library and DVD rentals by mail.
Business Photo Galleriesview all
- 10801Oklahoma tornadoes: Cost, custom keep basements scarce
- 10490Oklahoma tornadoes: The 'Big Dog,' the little boy and the hug that triumphs over tragedy
- 10422Oklahoma tornadoes: Plaza Towers Elementary School teacher shoved students into bathroom as wall collapsed
- 9824Finding Addyson – One family's struggle in the Moore tornado
- 6498Miranda Lambert, Reba McEntire, Vince Gill to join Blake Shelton at "Healing in the Heartland" Oklahoma tornado benefit
- 4191Downtown wish list includes Super Target
- 4093Oklahoma tornadoes: 27 remain hospitalized from tornadoes