Netflix (-60% since Sept. 15)
Netflix (NASDAQ:NFLX) is up nearly 20% during the past week, powered by CEO Reed Hastings’ Facebook note that the company saw a whopping 1 billion hours of video watched in June.
That run-up has brought Netflix shares to above the $80 mark. And considering NFLX was trading around $300 less than a year ago, it shows you just how bad things have been for the streaming video company.
Netflix is down more than 70% since mid-July, when it announced unpopular pricing changes for its services, included a 60% price hike for streaming. But most of the damage has come since Sept. 15, shortly after Netflix warned investors that subscriber losses thanks to said pricing changes were going to be worse than expected.
Even with the recent uptick in traffic, it’s hard to get bullish again on Netflix. The competition has exploded since Netflix’s decline, with players like Amazon.com (NASDAQ:AMZN), Verizon (NYSE:VZ) and Comcast (NASDAQ:CMCSA) upping the ante at the same time that Netflix is being squeezed to pay more for compelling content.