Netflix Crosses $600 Amid China Rumors
Shares of Netflix, Inc. (NASDAQ: NFLX) crossed the $600 for the first time ever Friday morning. The stock is getting a boost off a report that the streaming service may be entering China's $6 billion online video market.
According to Bloomberg, "Netflix has held discussions with companies including Wasu Media Holding Co. about forming a partnership, according to the people, who asked not to be identified because the talks are private. Netflix plans “to be nearly global by the end of 2016,” a spokeswoman, Anne Marie Squeo, said in response to questions about a possible China partnership."
Among the names backing this move? None other than Alibaba Group Holding Ltd (NYSE: BABA) Founder Jack Ma.
Shares of Netflix nearly reached $610 in Friday's pre-market session. Just last month, shares crossed $500 for the first time ever. If shares close at $600, this "would be its fastest-ever achievement of a $100 milestone," according to MarketWatch.
Investors cheered Netflix's 4.9 million new subscribers last quarter.
“China is too big to have an asterisk next to it,” Netflix’s Chief Content Officer Ted Sarandos said in Cannes, France, on Friday. “There are a lot of operating constraints in China that are different to anywhere else. We don’t have any operating partners anywhere else in the world, so that would be a new skill for us too.”
Shares traded recently at $608.20, up 3.6 percent. Shares are now up more than 78 percent year-to-date.
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