This just out from briefing.com after NFLX reported earnings:
“17:46 ET NFLX trades down to $11.00 upon resumption of trading”
‘Nuff said!
Update (by Michael):
I thought I’d add a chart of NetFlix’s after-hours trading:
The action in this stock over the last 2 weeks or so is a trip. Duru covered the irony of their earnings report the other day. If you read the comments on that post, you saw that I’ve been a very loyal NetFlix customer since 1998. I’d always scoffed at the new entrants into the online DVD rental space because they just didn’t seem like they were much of a threat to NetFlix to me. But this Amazon news is huge! Apparently NetFlix agrees b/c they’re now lowering their prices in an attempt to stay competitive — profits be damned! Like Duru said to me in our IM conversation, I won’t be surprised to see NFLX back below $5 in the near future.
