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Fly News Breaks for March 20, 2017
NFLX
Mar 20, 2017 | 06:51 EDT
Deutsche Bank analyst Bryan Kraft raised his price target for Hold-rated Netflix to $125 citing an increased international subscriber outlook. The analyst believes Netflix will likely exceed its guidance and consensus estimates for Q1 international subscribers, which he calls the "key driver of the stock price." Kraft sees the stock going higher in the short term but keeps a Hold rating on the name due to valuation.
News For NFLX From the Last 2 Days
NFLX
Aug 16, 2017 | 09:23 EDT
UP AFTER EARNINGS: Urban Outfitters (URBN), up 21.6%... Target (TGT), up 3.6%... Agilent (A), up 5.4%. ALSO HIGHER: Apple (AAPL), up fractionally following a Wall Street Journal report that the company has budgeted $1B for original content. LOWER: Amazon.com (AMZN), down marginally after President Trump tweets about the company... Netflix (NFLX), down marginally following the Wall Street Journal report that Apple has a $1B budget for original content... Bristol-Myers Squibb (BMY), down 1.7% after it announced topline results from its CheckMate -214 study, saying that while there was an improvement in progression-free survival, it did not reach statistical significance.
NFLX
Aug 15, 2017 | 13:17 EDT
The startup MoviePass is dropping the price of the company's movie ticket monthly subscription to about $10. The news has sent several names in the movie theater space to negative territory. MOVIEPASS LOWERS FEE: MoviePass CEO Mitch Lowe, an early Netflix (NFLX) executive, is planning to drop the price of the company's monthly movie ticket subscription to $9.95, allowing customers to get in to one showing every day at any theater in the U.S. that accepts debit cards for about the price of a single ticket each month, according to media reports. MoviePass will pay theaters the full price of each ticket used by subscribers, excluding 3D or Imax screens, Bloomberg explained in an article. With this price reduction, MoviePass hopes to resolve what its CEO sees as the biggest factor to blame for the theater industry's decline, namely the high ticket price, Bloomberg noted, adding that Lowe does not believe competition from Netflix or Amazon Prime Video (AMZN) is what's keeping people away from movie theaters. MoviePass has secured new funding to accommodate the new subscription plan and announced that it sold a majority stake to big data firm Helios and Matheson Analytics (HMNY) to promote a nationwide rollout of this new, flat-rate service. The company, which was founded in 2011, had initially relied on a tiered pricing model based on location and frequency. Last year, MoviePass started at $15 per month and ran up to $50 for unlimited movies in bigger cities. NAMES TO WATCH: As movie theaters struggle with tepid sales, any effort to increase sales should be welcome by theater operators, the publication added. Nonetheless, several names in the sector including AMC Entertainment (AMC), Cinemark (CNK) and Regal Entertainment (RGC) are sliding in afternoon trading following the news. PRICE ACTION: In afternoon trading, AMC has slipped 2.4% to $13.27, Cinemark is down 0.7% to $36.05 and Regal Entertainment has slid over 1.3% to $16.72. Meanwhile, Imax (IMAX) and Marcus Corp (MCS) have dropped over 1% to $18.60 and $25.55, respectively.
NFLX
Aug 15, 2017 | 10:05 EDT
Netflix (NFLX) Chief Content Officer Ted Sarandos told Variety in an interview that he doesn't believe Netflix competes with Amazon (AMZN) in the movie space "at all," adding that "I frankly don't understand their strategy. I don't understand why perpetuating a model that feels more and more disconnected with the population is good." Reference Link
NFLX
Aug 15, 2017 | 05:51 EDT
Piper Jaffray analyst Stan Meyers says his firm's survey of over 1,000 consumers found a "sizable," 23% interest in subscribing to a Disney/Pixar streaming service. Of those interested, 37% would pay more than $5 per month, Meyers tells investors in a research note. The analyst estimates 4M subscribers will be Disney's (DIS) equilibrium point between launching its own service and licensing to Netflix (NFLX), which will end in 2019. Disney's entry into direct-to-consumer streaming should "unlock some of its library value, enhance leverage with distributors, and open the door to potentially cross sell its consumer products," Meyers argues. He keeps an Overweight rating on Disney shares with a $130 price target. The stock closed yesterday down 59c to $101.40.
NFLX
Aug 14, 2017 | 10:27 EDT
Although Netflix (NFLX) shares slipped following Disney's (DIS) announcement that the company was ending its distribution agreement with the former, Piper Jaffray analyst Michael Olson told investors that he believes the loss will have a minimal impact on the streaming service subscribers. SURVEY SAYS: In a research note to investors this morning, Piper Jaffray's Olson says Disney ending its agreement for distribution of certain content is a negative headline, but it will have "minimal impact" on Netflix. This follows his firm survey of over 500 U.S. Netflix subscribers, asking what percent of their Netflix time is spent on Disney. The analyst pointed out that Piper found that "only" around 20% of subscribers spend greater than 10% of their Netflix time viewing Disney content. Further, he expects "almost none" of the remaining 80% of subscribers to cancel due to the loss of Disney. The 20% of heavier Disney viewers are unlikely to cancel unless Disney accounts for a larger portion, greater than 40%, of their Netflix viewing time, Olson contended. While Olson recognized the strength of Disney's content, particularly for younger children, the analyst noted that he believes Netflix can license similar genre content from other sources and/or use the cost savings for original programming. Netflix is likely already in the process of determining how to effectively reallocate funds previously earmarked for Disney, he said, adding that the company has nearly 18 months to plan for this change. The analyst reiterated an Overweight rating and $215 price target on Netflix's shares. ENDING AGREEMENT: Last week when Disney reported third quarter earnings, the company announced that it will launch its ESPN-branded multi-sport video streaming service in early 2018, followed by a new Disney-branded direct-to-consumer streaming service in 2019. Additionally, Disney said it will end its distribution agreement with Netflix for subscription streaming of new releases, beginning with the 2019 calendar year film slate. PRICE ACTION: In Monday morning trading, shares of Netflix have dipped 0.66% to $170.27, while Disney's stock is fractionally up to $102.20.
NFLX
Aug 14, 2017 | 06:12 EDT
Netflix (NFLX) has signed a multi-year production deal with Shonda Rhimes putting an end to her 15-year partnership with Disney's (DIS) ABC Studios, which was set to expire in June 2018, Variety reports, citing a Netflix statement. Rhimes, who supplied dramas including "How to Get Away With Murder", "Scandal", and "Grey's Anatomy" for ABC, will start creating new series for Netflix while she stays involved in her current broadcast series. Reference Link
NFLX
Aug 14, 2017 | 05:07 EDT
Piper Jaffray analyst Michael Olson says that while Disney (DIS) ending its agreement for distribution of certain content is a negative headline, it will have minimal impact on the Netflix (NFLX). His firm surveyed over 500 U.S. Netflix subscribers and asked what percent of their Netflix time is spent on Disney. Piper found that "only" around 20% of subscribers spend greater than 10% of their Netflix time viewing Disney content. The analyst expects "almost none" of the remaining 80% of subscribers will cancel due to the loss of Disney. Further, the 20% of heavier Disney viewers are unlikely to cancel unless Disney accounts for a large portion, like greater than 40%, of their Netflix viewing time, Olson tells investors in a research note. He points out that Netflix shares are down 4% since Disney's announcement on August 8. The analyst keeps an Overweight rating on Netflix shares with a $215 price target. The streaming service closed Friday up $2.26 to $171.40.
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