Wednesday’s trading saw a couple of big-time stock pops and another chapter in the slow death of a giant.
Netflix (NASDAQ:NFLX), the darling of 2011’s first half that became a goat by year-end, rocketed to an 11% gain today as the company offered up an attention-grabbing headline metric: Netflix users took in more than 2 billion hours of streaming video content from October to December.
Netflix spent the last half of 2011 in a nosedive caused by the fallout of changes in its subscription plan that even included a baffling drop at the start of December when the markets were in full-on bull mode. However, since then, NFLX shares have been slowly rebounding, clawing back about 9% even before Wednesday’s gains. Netflix previously hadn’t released its viewing hours metric.
High-end athletic apparel company Lululemon (NASDAQ:LULU) gained almost 9% on Wednesday after getting Goldman Sachs’s seal of approval. The stock was added to the firm’s “Conviction List” — a group of highly recommended stocks — with an analyst predicting a price target of $64. Lululemon shares opened Tuesday trading under $50.
Eastman Kodak (NYSE:EK) continued its march toward zero after shares declined 30% to 47 cents on news of a possible Chapter 11 bankruptcy filing. The Wall Street Journal reported that EK might have to resort to bankruptcy should it fail in its attempt to sell its nearly 1,100 patents. This comes a couple months after Kodak announced it was trying to sell off one of its more modern businesses, the online Kodak Gallery.
EK stock has sold off more than 90% in the past 52 weeks. On Tuesday, the company was given an automatic warning from the New York Stock Exchange — after its 30thconsecutive day trading below $1 per share — that it had six months to improve its stock price or face delisting on the NYSE.
- Liz Claiborne (NYSE:LIZ): Up 9.29% (80 cents) to $9.41.
- Cabot Oil & Gas (NYSE:COG): Up 7.19% ($5.52) to $82.32.
- Micron Technology (NASDAQ:MU): Up 3.4% (23 cents) to $6.99.
- Acme Packet (NASDAQ:APKT): Down 19.21% ($6.11) to $25.70.
- Amarin (NASDAQ:AMRN): Down 9.93% (70 cents) to $6.35.
- MetroPCS Communications (NYSE:PCS): Down 6.39% (60 cents) to $8.79.
As of this writing, Kyle Woodley did not hold a position in any of the aforementioned stocks. Check out our list of previous IP Market Recaps.