Netflix stock sinks lower after cash infusion

Netflix stock plummeted to below $70 a share this morning, one day after the company announced plans to raise $400 million through the sale of stock and bonds, triggering concerns that they lacked solid liquidity after shelling out big bucks for exclusive content like Arrested Development.

In July, the company’s stock was selling for $304.79 per share, but it’s been battered by a series of questionable moves, including the decision to raise prices and the ill-fated Qwikster spin-off. Customers fled, and many financial observers expect the company to lose money next year as a result. This morning, the stock bottomed out at $69.00, it’s lowest price since March 2010, before inching back up to $72.04.

Read more:
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Netflix abandons plan to spin-off DVD service
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