Is Netflix The Unofficial King Of Entertainment? Its Surging Stock Price Certainly Seems To Suggest So
The Golden Globes may have taken place Sunday but one company is still enjoying major payout in the days following.
Netflix, Inc. (NFLX), which is currently up nearly three percent for the day, experienced a surge in stock prices after cleaning up at Sunday’s awards ceremony. (RELATED: This Year’s Golden Globes Down In Ratings By Nearly Five Percent)
The company took home a whopping five Golden Globe awards for its original films and shows, including Alfonso Cuarón’s docu-drama “Roma,” which won Best Foreign Language Film and Best Director. Chuck Lorre’s comedy “The Kominsky Method,” also brought home two awards, including Best Television Series – Musical or Comedy and Best Actor in a Musical or Comedy TV Series (won by Michael Douglas).
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When trading opened for the week, Netflix’s stock price soared by six percent. It’s still experiencing some of that high despite recent market corrections in virtually every industry, with stocks trading at $319.88 as of Tuesday’s opening bell at 9:30 a.m. EST this morning.
This is especially noteworthy since Netflix’s peers in the FAANG group (Facebook, Apple, Amazon, Netflix, Google) have experienced something of a sell-off during the fourth quarter despite an anticipated Santa Claus rally. This can be attributed to several factors, including Apple CEO Tim Cook’s recent comments about lagging sales in China and a rocky road to trade talks between the U.S. and China.
And although Netflix is typically tight-lipped about its subscriber and streaming numbers, the company recently announced it plans to add more subscribers than originally anticipated in the coming weeks.