News of Likely Competition from Comcast (CMCSA) Weighs on Netflix (NFLX) Shares
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Shares of Netflix (Nasdaq: NFLX) have now tumbled nearly 5 percent since the WSJ posted a headline considering the launch of a possible video on demand competitor from Comcast (Nasdaq: CMCSA).
The Comcast service, rumored to be named Streampix, will launch as early as this week, one source said. The service will not be separate from its video subscription, and will be free to Triple Play customers and cost an extra $5 per month to other users. Content providers assumed to be involved in the Comcast service include Disney (NYSE: DIS), Sony, (NYSE: SNE), Warner Bros. (NYSE: TWX) and NBCUniversal.
Netflix shares had been up as much as 3 percent (to $125.40) amid news of a multi-year deal with The Weinstein Company. The stock is now trading around $119.
Comcast shares, meanwhile, are only modestly higher following the report. The stock last traded at $29.11, down about 0.2 percent from Friday's close.
The Comcast service, rumored to be named Streampix, will launch as early as this week, one source said. The service will not be separate from its video subscription, and will be free to Triple Play customers and cost an extra $5 per month to other users. Content providers assumed to be involved in the Comcast service include Disney (NYSE: DIS), Sony, (NYSE: SNE), Warner Bros. (NYSE: TWX) and NBCUniversal.
Netflix shares had been up as much as 3 percent (to $125.40) amid news of a multi-year deal with The Weinstein Company. The stock is now trading around $119.
Comcast shares, meanwhile, are only modestly higher following the report. The stock last traded at $29.11, down about 0.2 percent from Friday's close.
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