Netflix Stock Soars on News of Carl Icahn's Stake

By: Associated Press Email
By: Associated Press Email

SAN FRANCISCO (AP) - Billionaire investor Carl Icahn has seized on Netflix's recent troubles to build a 10 percent stake in the Internet video service.

Wednesday's disclosure about Icahn's stake in Netflix Inc. caused the company's stock price to surge by 16 percent in late afternoon trading.

Icahn's filing with regulators didn't specify why he decided to buy 5.5 million Netflix shares.

But Icahn typically wields his stakes in companies to pressure changes in management and the board of directors. He also frequently pushes for companies to consider selling themselves or to pursue other dramatic changes to boost stock prices.

Netflix declined to comment Wednesday.

Netflix's stock has been sagging since the company raised its U.S. prices by as much as 60 percent nearly 16 months ago. The company's earnings have plunged this year.


Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, Trolling or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to comments@kbtx.com. Please provide detailed information.

powered by Disqus
KBTX-TV Channel 3 4141 E. 29th Street Bryan, TX 77802 Phone: (979) 846-7777 Fax: (979) 846-1490 News Fax: (979) 846-188
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 176654501 - kbtx.com/a?a=176654501