Investor Strategy

Netflix Jumps to Trade Near 52-Week High

imageStock Markets11 hours ago (Apr 13, 2020 01:42PM ET)

(C) Reuters.

By Kim Khan – Shares of Netflix (NASDAQ:NFLX) bucked the broader market trend Monday to trade sharply higher on speculation the boost in demand for streaming services won’t ebb once the Covid-19 pandemic passes.

Netflix rose 6% in afternoon trading, trading near a 52-week high.

The streaming service has been touted as a safe stock at a time when people are in lockdown and a positive mention on Barron’s over the weekend has helped sentiment.

Netflix could be getting a permanent leg up on traditional TV, Rich Greenfield of LightShed Partners told Barron’s.

“I do not believe there’s going to be a fall TV season for the first time ever,” Greenfield said.

TV and film studios may have to “do something drastic and rethink their business model,” he added.

Among other stocks with streaming exposure, Roku (NASDAQ:ROKU) rose 2%, Amazon (NASDAQ:AMZN) gained nearly 5%, while Walt Disney (NYSE:DIS) fell 2.6%.

Netflix Jumps to Trade Near 52-Week High

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