Amazon.com, Inc. AMZN shares are trading higher by $6.26 at $632.15, while Netflix, Inc. NFLX shares are trading lower by $3.75 at $107.78 in Monday's session.
The catalyst for the moves in both issues is the announcement that Amazon will offer a monthly prime service for $10.99, which would directly compete with the Netflix business model.
The rally in Amazon has taken it back to the level it reached the day before its Q4 earning report when it peaked at $638.06, reaching $637.54, and falling back to its current level.
The decline in Netflix has reached its lowest level since it put in a trio of lows a trio of lows in the $102 back April 8-12.
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