Reuters: Global Markets: Netflix shares soar after Icahn reports 10 percent stake

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Netflix shares soar after Icahn reports 10 percent stake Oct 31st 2012, 19:41 Tweet Share this Email Print Related News Wall Street closed for second day Tue, Oct 30 2012 Oshkosh rejects Icahn offer as "inadequate" Fri, Oct 26 2012 Weak outlooks doom Dow to worst day in four months Tue, Oct 23 2012 Global stocks, euro falter on lackluster earnings, Spain Tue, Oct 23 2012 Icahn offers to buy Oshkosh Corp, shares jump Thu, Oct 11 2012 Related Topics Investing Simplified » Hot Stocks » Asian Markets » 1 of 2. The headquarters of Netflix is shown in Los Gatos, California September 20, 2011. Credit: Reuters/Robert Galbraith Wed Oct 31, 2012 3:41pm EDT (Reuters) - Shares of Netflix Inc (NFLX.O) rose as much as 20 percent on Wednesday after activist investor Carl Icahn reported a stake of nearly 10 percent in the company, which offers subscriptions to watch movies and TV shows over the Internet and on DVDs. Icahn disclosed the stake in a regulatory filing with the U.S. Securities and Exchange Commission. According to the filing, Icahn bought the shares because he finds them undervalued due to Netflix's "dominant market position and international growth prospects." "Netflix may hold significant strategic value for a variety of significantly larger companies that are engaging in more direct competition with one another due to the evolution of the internet, mobile ...," Icahn reported in the filing. Icahn said he was considering ways for Netflix to "maximize shareholder value". He may in the future have discussions with the company, the filing said. Netflix stock, which was trading 14 percent higher at $79.47 per share late on Wednesday afternoon, had reached $304 in July 2011. It slumped after the company imposed an unpopular price hike, faced new competition, and increased spending on content and an international expansion. (Reporting by Liana B. Baker; Editing by Gary Hill) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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