Netflix Inc. Blasts Through $600 Off Rumors To Enter China Market

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

'' Netflix Inc. NFLX shares are trading higher by $27.60 at $614.45 in Friday's session. It has smashed through the $600 barrier off rumors that the company may entering China's $6 billion online video market. The issue, which has been on tear since its Q1 beat for EPS and ($0.77 vs. $0.69) and had a slight beat of 3M offf the estimate of $1,57B. From its April 15 close ($475.46) it leaped to $562.05 the following day and was in a $552.26 to $594 trading until taking flight today. So far, it has reached $616.60 in today's session and has continued to make new highs since dipping to $601.99 around 10 AM. The Street high price target for the issues with FBR Capital who has a $900 target. Next in line. is Stifel Nicolaus who has a more reasonable $725 price target.