Netflix (NASDAQ:NFLX) is announcing this morning that it is no longer planning to hive off its DVD-rental business into the oddly named Qwikster.
The shares are trading higher on thew news. The shares recently traded at $125.45, up $8.11, or 6.92%, on the day. The shares have traded in a 52-week range of $107.63 to $304.79 and its market capitalization is $6.59 billion.
Its competitor, Coinstar, Inc. (NASDAQ:CSTR), is trading higher as well, up $0.58 to $46.64 on the day.
About the companies:
- Netflix (NASDAQ:NFLX): Netflix, Inc. is an online movie rental service. The Company ships DVDs with no due dates or late fees, directly to the subscriber’s address. Netflix also provides background information on DVD releases, including critic reviews, member reviews and ratings, and personalized movie recommendations.
- Coinstar, Inc. (NASDAQ:CSTR): Coinstar, Inc. owns and operates vending machines and offers financial services. The Company rents movies on DVD from vending machines; operates coin counting machines; operates coin counting machines; and offers global money transfers and prepaid debit/credit cards.
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