Netflix shares rose 13% today after a the market took yesterday off due to the July 4 holiday, closing at $81.72 thanks to the company’s biggest single-day gain since late January. The surge comes a couple of days after CEO Reed Hastings said in a Facebook entry that Netflix’s monthly viewing eclipsed 1 billion hours in June, which BTIG analyst Rich Greenfield calculated would have made Netflix “the 7th most watched network inclusive of broadcast and cable networks (up from No. 15 in Q4 2011). Hastings said the company will “blow these records away” when new original series House Of Cards and Arrested Development arrive. The Street has agreed with the bullish outlook ever since, with shares rising 6.2% on Tuesday when Hastings posted. Today’s gains put Netflix’s stock price up 18% overall in 2012, according to Bloomberg, as a significant company milestone approaches: It was July 12, 2011, that Netflix announced a plan to split streaming and DVD rentals into separate businesses — with a 60% price hike for people who wanted to keep both services. At the time, shares traded close to $300.
Netflix Stock On Rise After Monthly Viewing Data Revealed
What's Hot on Deadline
Cecily Strong Struggles To Follow Obama And Anger Translator Luther At White House Correspondents Dinner