» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X

Forgot your password?
Skip Navigation LinksHome > Article
VOL. 36 | NO. 43 | Friday, October 26, 2012




Netflix stock soars on news of Carl Icahn's stake

Print | Front Page | Email this story

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.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0