Netflix Shares Reach New Heights5 Jul, 2011 By: Erik Gruenwedel
News that Netflix plans to launch streaming service throughout 43 countries in Latin America and Mexico this fall sent the service’s stock price to an all-time high, more than $290 per share.
The Los Gatos, Calif.-based online disc rental pioneer’s stock price continues to confound conventional wisdom and the economy — surging to new heights with each positive fiscal report or related expansion news.
Indeed, Netflix’s shares, which reached $95 within the most recent 52-week period, topped a record $291 per share before closing at $289.63 — $21.64 cents per share (8%) higher than the previous business day July 1.
Consider the on-paper fiscal realities of Netflix’s post-July 4 business day: It closed July 5 up more than $1.1 billion in value with a market capitalization of $15.2 billion. Investors traded more than 8.9 million shares — nearly double the daily average of 4.6 million shares.