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Sep. 1, 2015, 8:39 AM
Aug. 26, 2015, 10:45 AM
- Netflix (NFLX +4.6%) trades higher as many "market darlings" return to favor today.
- The streaming stock also received a boost before the market opened with a price target hike from RBC Capital to $140. The PT is on the upper end of analyst forecasts, but doesn't rival the Street high of $175.
- SA contributor AtonRa Partners spins the case for a break in NFLX share price to either $132 or $76.
Aug. 25, 2015, 9:19 AM| Aug. 25, 2015, 9:19 AM | 7 Comments
Aug. 25, 2015, 7:34 AM| Aug. 25, 2015, 7:34 AM | 16 Comments
Aug. 24, 2015, 8:52 AM
- Netflix (NASDAQ:NFLX) is heading toward a double-digit slide at the open as risk-off investors have their say.
- The company announced a promising partnerhip with SoftBank earlier today which will see it launch in Japan early next month.
- NFLX -10.6% premarket to $92.96.
- Previously: Netflix to partner with SoftBank in Japan
Aug. 21, 2015, 9:15 AM
Aug. 21, 2015, 8:51 AM
- Netflix (NASDAQ:NFLX) is down sharply again in early trading as investors continue to react late to the media stock sell-off with the name.
- Flying a bit under the radar this week was the news that Netflix is raising prices in some markets in Europe for new subscribers.
- NFLX -5.26% premarket to $106.57.
Aug. 20, 2015, 11:56 AM
- Netflix (NASDAQ:NFLX) is sharply lower as it gets pulled into the broad media stock sell-off.
- When media giants such as Disney and Time Warner began their descent earlier this month, Netflix was considered the anti-establishment bet and moved in the opposite direction. Today's decline is attributed to some profit-taking and valuation anxiety.
- Shares of Netflix are -7.91% to $112.43.
Jul. 16, 2015, 9:30 AM
- Top execs with Netflix (NASDAQ:NFLX) reiterated during last night's earnings call that negative free cash flow was expected as the company grows internationally. The management team focuses on the ratio of content P&L expense to cash which hovers in the 1.2 to 1.3 range. They expect it to peak at 1.4.
- Though analysts tried to pin the company down on pricing and the potential to increase ARPU (average revenue per user), Netflix is early in the process of figuring out the impact of value added taxes and F/X swings in various markets which makes projections difficult.
- Of note to the movie exhibitor sector (AMC, RGC, CKEC, CNK), Netflix CCO Ted Sarandos says the release of original movies in theaters is largely "symbolic" to differentiate the features from TV movies. Crouching Tiger, Hidden Dragon 2 will be released in the 3D format in China.
- CEO Reed Hastings doesn't have a clear answer on the rocket ride of his company's stock. He notes that he called it "euphoric" when NFLX traded at half its current level, adding "it's a mystery to me" in reference to stock picking.
- Netflix earnings call transcript
- New investment firm price targets: Nomura to $120, Piper Jaffray to $96, Canaccord Genuity to $120, Needham to $111, FBR Capital to $142, Pivotal Research to $155, SunTrust to $95.
- Previously: Netflix beats by $0.02, misses on revenue (Jul. 15 2015)
- Previously: Subscriber growth dazzles at Netflix (Jul. 15 2015)
- NFLX +11.31% premarket to $109.19
Jul. 16, 2015, 9:15 AM
Jul. 16, 2015, 9:13 AM
- The judge's claim construction ruling largely went in Rovi's favor, with Rovi's proposed constructions adopted for 8 of the 9 disputed claim terms. Rovi adds the court also "rejected attempts by Netflix to limit the scope of the patents to the area of broadcast television."
- Not surprisingly, Rovi plans to appeal the invalidity ruling. Shares have tumbled to $15.37.
- B. Riley is defending Rovi. "ROVI shares are already pricing in the worst case scenario of that litigation ... We fully expect ROVI to 'appeal” this ruling by bringing additional patents into the litigation against NFLX ... 'Given that the “Big 4' license renewal discussions (Comcast, Time Warner Cable, Dish Network and DirecTV) cover a set of patents with significantly broader reach and use-cases than the original five involved in the NFLX litigation, we continue to believe this ruling is unlikely to have any impact on those discussions."
- Prior Rovi/Netflix coverage
Jul. 15, 2015, 5:38 PM
Jul. 15, 2015, 4:18 PM
- Netflix (NASDAQ:NFLX) reports it added 900K net subscribers in the U.S. to smash its guidance for 600K adds.
- International net subs added were 2.37M vs. 1.90M guided.
- Total Netflix memberships now are at 65.55M.
- Guidance for Q3 of 2015 is for 1.15M U.S. adds and 2.40M global.
- Total streaming contribution margin was 16.7% vs. 15.4% expected and 17.7% in Q1. The metric is closely watched by analysts with significant upside seen over time. HBO has reported streaming contribution rate of ~39% and Netflix sees a U.S. contribution margin rate of 40% by 2020.
- Free cash flow of -$229M is reported vs. -$59M expected and -$163M last quarter.
- Netflix expects to increase the percentage of original content spending.
- The company highlighted its move into original films. The first hits theaters in October.
- Previously: Netflix beats by $0.02, misses on revenue (Jul. 15 2015)
- Q2 shareholder letter (.pdf)
- NFLX +9.72% after hours to $107.61.
Jul. 15, 2015, 1:07 PM
- Charter Communications (CHTR +2%) and Time Warner Cable (TWC +1.3%) are on the move this afternoon as Charter draws an important ally in its TWC takeover: Netflix (NFLX -2.2%) is endorsing the deal, telling the FCC of "substantial public interest benefit."
- Charter is offering free interconnection with content/longhaul providers until December 2018, and that's enough to win Netflix's support for the TWC deal -- if Charter keeps that promise.
- "Charter's new peering policy is a welcome and significant departure from the efforts of some ISPs to collect access tolls on the Internet," Netflix's letter reads.
- Netflix's opposition to Comcast's deal for TWC is believed to have held a lot of weight in the breakup of that takeover.
Jul. 13, 2015, 4:32 PM
- "When the company announced a confusing merger with Alcatel-Lucent ... we used the opportunity to exit with a healthy gain," writes David Einhorn in his Q2 letter, explaining Greenlight Capital's unloading of its Nokia (NYSE:NOK) position.
- Regarding his decision to exit EMC, Einhorn cites "the reduced odds of any favorable change to the corporate structure and increasing concerns about a lack of growth in the storage business." EMC is 4 months removed from formally stating it doesn't plan to spin off its 80% VMware stake.
- Regarding Marvell (NASDAQ:MRVL), a position held for years, Einhorn cites weak PC demand as a reason for exiting following a 15% compounded annual return. His disclosure comes on a day Marvell rose 5.4% thanks to a report of buyout interest from a Chinese investment firm.
- Echoing the bullish arguments he has made for rival Lam Research (NASDAQ:LRCX), Einhorn says he took a small position in Applied Materials (NASDAQ:AMAT) out of a belief AMAT's core etch/deposition equipment markets will outgrow the broader chip equipment industry "due to the increased use of 'multi-patterning' to produce chips at geometries below [20nm]." He predicts results will improve as management turns its attention from the abandoned Tokyo Electron merger towards "growth and cost savings opportunities." With Einhorn's help, AMAT rose 2.9% today.
- "It's a cyclical business and, regrettably, we missed the turn of the cycle," says Einhorn about Micron (NASDAQ:MU), Greenlight's biggest Q2 loser. However, he still thinks the DRAM industry is acting more rationally following consolidation, notes shares trade at "less than 12x annualized trough earnings and less than 5x prior peak earnings," and predicts future cycles will have higher peaks and troughs.
- Over the long run, Einhorn expects Micron ($19.1B market cap) to be worth more than Netflix (NFLX - $42.9B market cap), whose recent surge he considers quite unjustified. "In today's market, the best performing stocks are companies with exciting stories where accountability is in the distant future." He adds Season 3 of House of Cards "appeared to be scripted to compete with Ambien,"
- Worth noting: While Einhorn has a good track record going long, his short picks have been more hit-and-miss.
Jul. 9, 2015, 5:29 PM
- There's been little news coming out of secretive Sun Valley -- where media moguls gather at the Allen & Co. conference for "summer camp" and sometimes rearrange billions of dollars with game-changing M&A -- but John Malone today dropped more hints about content consolidation.
- While media distribution companies have more obvious benefits from consolidation, Malone -- who has hands in Liberty Global (NASDAQ:LBTYA), Liberty Media (NASDAQ:LMCA), Liberty Interactive (NASDAQ:QVCA), Charter (NASDAQ:CHTR) and Starz (NASDAQ:STRZA) -- said economies can apply to content too.
- "It's all about global scale," he told CNBC. "If you want to be a meaningful player in most of any of these media communication businesses, you have to think about it."
- And while speculation boils about a tie-up between Malone's Starz (STRZA) and Lions Gate (NYSE:LGF) after the two swapped stock, Malone focused on the educational side: "I'm an engineer; what the hell do I know about content? Trying to understand where these ideas come from, how they get created and produced. The development of stories is really going to be important in this random-access world that Reed Hastings (NASDAQ:NFLX) is driving us into."
- Malone said Netflix changed the game, and that his companies "missed the boat a little bit" on over-the-top offerings.
- Today: NFLX +2.4%; LGF +0.9%; QVCA +0.3%; CHTR +0.2%.
Netflix Inc operates as an internet television network providing TV shows & movies which include original series, documentaries & feature films. The Company's business segments are Domestic streaming, International streaming and Domestic DVD.
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